The United States is quickly approaching a fiscal Armageddon and the players in Washington — specifically Treasury Secretary Tim Geithner and Federal Reserve Chairman Ben Bernanke — don’t understand what is happening or know what do about it, world renowned investor and author Jim Rogers tells Newsmax.TV.
The chairman of Rogers Holdings and Beeland Interests, Inc. predicted more problems in the financial markets in the next few years and said any halt in the decline of stocks was just a “temporary bottom.”
He said that while America was not at the brink of a fiscal Armageddon right now, the nation is likely to default on its obligations in the future.
“This decade absolutely, probably sooner than this decade,” he said. “It is astonishing America is the largest debtor nation in the history of the world. This is not good news, what is going on in Washington, these guys are really, really out of it, they don’t understand what's happening and we’re all paying the price and it’s going to get worse.”
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