Jim Rogers: US Debt Is a Problem for 'You, Me, and Our Parents'
On Freedom Watch with Judge Napolitano, Jim Rogers discusses the massive US debt, what he'd do as Treasury Secretary, and the future of the country if Washington doesn't change course.
The debt problem is a problem for you, me, and our parents, says Rogers. This is a problem that's hitting all of us in the face right now. Rogers explains that Washington is only concerned with re-election, not whether the country survives.
If Treasury Secretary, Rogers would cut spending dramatically, cut taxes, let the American people decide what to do with their money, and abolish the Federal Reserve. He predicts the economy will continue to decline, the currency will continue to weaken, interest rates will rise, and more inflation will result if Washington continues its current path.
You have to have people who save and invest to have a thriving economy. In Washington, they're destroying the saving class. People who save money and have done the right thing for the past ten years are suddenly being smashed because they get zero interest on their savings. When you destroy the saving class, you destroy the future of your country.
Reprinted with permission from BullSource.
September 16, 2010
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.