While his former colleague at the Quantum Fund, George Soros, was busy discussing the euro zone sovereign debt crisis, Jim Rogers chose to focus this week on the fiscal problems facing the United States.
In an interview on Fox Business News, the legendary investor provided his latest scathing criticism of American politicians and the federal government as a whole.
“They will probably raising the debt ceiling and announce some kind of wonderful deal, which they will promptly ignore,” Rogers contended. “The United States is not going close down. It might be good for the world if the United States closed down for a while, but I can’t see that happening. Something will happen, things will look better, but then in six months or a year, things will be worse again.”
“We are going to default one way or the other but they may not call it default. These debt reduction talks are a sham.”
While he did not discuss President Barack Obama specifically, he had some rather frank words for Treasury Secretary Tim Geithner. ”He never should have taken the job…Mr. Geithner doesn’t have a clue about what’s going on. Just about everything he has done has been wrong. We are in worse shape now than we were a couple of years ago except now we have staggering debt to show for the efforts.”
Jim Rogers has taught finance at Columbia University’s business school and is a media commentator worldwide. He is the author of Adventure Capitalist, Investment Biker, Hot Commodities, A Gift to My Children, and A Bull in China. See his website.