In an interview with Steve Forbes of Forbes.com, billionaire investor and commodity expert Jim Rogers said he sees nothing out there that will be able to solve the "staggering debt" now weighing on the United States.
Rogers said:
I would like to think that there’s something which is going to save us. I can think of some things which will give us rallies. But I cannot see anything – I mean, look at Japan. Japan has staggering internal debt. They still are externally a creditor nation. They still have a balance of trade surplus. We’re the largest external debtor nation in history and the largest internal debtor nation in history. We’ll have rallies. But ... I don’t see what can cause us to repeat, perhaps, the ’70s. We’re in relative decline ... I don’t see that that relative decline will stop.
As Rogers mentioned, there will be rallies, but with no political will to change the outrageous spending in Washington, there is no way out but an eventual default by the country.
It's only a matter of what type of default, not whether there will be one or not.
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