Jim Rogers

Jim Rogers: It`s pretty simple. The way the world has worked for a few thousand years is, when people get into trouble, they fail, competent people come along, reorganize the assets and start over.
In America and in the West, what they said was, "No, no. We are going to let the incompetent people take over the assets from the competent people and then let them compete with the competent people." The japanese tried this in the early nineties, the japanese had two lot decades. It is not going to work. In Scandinavia, in the early nineties let people go bankrupt, they had a horrible two or three years but since they they grown dramatically over the past 15 or 20 years.
The way the system works is, when you fail, you fail and you start over. In America we do not do that anymore and we are kicking the can down the road..."