Jim Rogers: Situation to Worsen in U.S. and Lead to Social Unrest

You think the problems are bad now? You wait until we don’t have any more credit. You wait until the currency is collapsing. You wait until interest rates are going through the roof and inflation is going through the roof. It’s not going to be a pretty picture. There will be social unrest. [See below for the link to the interview.] Words: 477

So says Jim Rogers in an interview* with Lucy Kafanov (Russia Today) about the pending US debt ceiling issue and what all this really means for the future of the U.S. economy and for the average American in general. The following transcribed excerpts** of some of the interview by www.TheDailyBell.com have been  further edited ([  ]), abridged (…) and reformatted by Lorimer Wilson, editor of www.munKNEE.com (It’s all about Money!), for the sake of clarity and brevity to ensure a fast and easy read. Please note that this paragraph must be included in any article re-posting to avoid copyright infringement.

Kafanov asks Rogers, “When you say that even if we do reach this [debt ceiling] deal everthing [will] look good for a little while but [that] six months to a year [from now] it [will] get worse, what do you mean when you say it gets worse? I mean it’s easy to talk about these abstract terms but if you look at the facts, 14.1 million Americans unemployed, over half of all American families living from paycheck to paycheck, more than 44 million on food stamps. What is it going to look like for those of us who can’t afford to move to Singapore [where you live]?”

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Rogers replies, “We are all going to continue to get deeper and deeper into debt. … The overall situation is getting more and more serious. America is now the largest debtor nation in the history of the world. This cannot go on forever. …

You think the problems are bad now? You wait until we don’t have any more credit. You wait until the currency is collapsing. You wait until interest rates are going through the roof and inflation is going through the roof. It’s not going to be a pretty picture. There will be social unrest. It’s going to be a mess [so] the sooner we deal with it the better.”

* An actual video of the interview can be seen here

**http://www.thedailybell.com/2738/Jim-Rogers-Americas-the-Largest-Debtor-Nation-in-the-History-of-the-World-and-Its-Just-Getting-Worse

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Editor’s Note:

1. The above article consists of reformatted edited excerpts from the original for the sake of brevity, clarity and to ensure a fast and easy read. The author’s views and conclusions are unaltered.
2. Permission to reprint in whole or in part is gladly granted, provided full credit is given as per paragraph 2 above