US may face fresh recession in 2011-12 worse than before

[OhioChick]

14 Jun, 2011, 01.43AM IST,ET Now

Jim Rogers , founder of Rogers Holdings, is a well known Asia and commodities bull who migrated to Singapore from the US. The former business partner of George Soros has been most critical of the US government and Fed's policies. He joins economists Nouriel Roubini & Robert Schiller in forecasting a slump in growh in the West. In an interview with ET NOW , he reveals where he is investing and what he is short selling.

Fitch says it may downgrade America's credit status if Congress does not increase the nation's debt limit by early August. Do you anticipate this possibility?

Rogers : Of course I do. What is Fitch talking about? What are they talking about? America should already be downgraded. It should have been downgraded years ago. These people, the rating agencies, have got it wrong for 10-15 years now. America is bankrupt. what are they talking about?

For the first time in 20 years, OPEC has not been able to come to a decision on crude supplies. Do you believe OPEC is now divided and is unable to come to a consensus?


More: http://economictimes.indiatimes.com/opinion/interviews/us-may-face-fresh-recession-in-2011-12-worse-than-before-jim-rogers/articleshow/8842933.cms

[Zoeisright]

1. Yep. And everybody will blame Obama, and the repukes will win, and that

will be the END of the economy, because they're the creators of this fucking mess.

[roamer65]

2. ...and that will be the end of the United States.

[Kolesar]

4. & the American newspapers will endorse the RWers on the false claim

...that the Democrats caused the economic problems.

[xchrom]

6. How about this -- Obama earns his share of the blame.

He didn't do all he could at his end.

We all - rightfully - blame the repukes but excuse our folks for being weak.

[emilyg]

8. Agree 100%.

[OhioChick]

9. Damn straight! n/t

[democracy1st]

10. +100%

[locahungaria]

12. K & R....

Absolutely correct!

Folks, we need to start seeing the big picture here, as painful as that may be. As long as we continue playing the D vs R blame game, we are keeping ourselves ignorant and uniformed, thus playing right into the oligarchy's hand.

[somone]

14. No kidding!

[indepat]

15. BHO continued most of junior's ruinous policies and actions: irresponsible fiscal policies, patently...

unfair tax policies, and multiple wars just for starters. :patriot:

[On the Road]

3. If America is Bankrupt

so is almost every other developed country. Japan's debt is proportionally twice that of the US.

The difference with the US is how fast it's going in the wrong direction. It's not even all that hard to get it under control with upper-tier tax increases, military cuts, and additional stimulus, if the GOP weren't blocking the road with their prone bodies.

Personally, I take articles like this as a contraindicator. It's a sign of hope.

[Kolesar]

5. That's a thinker!

[Demeter]

7. Despite all the Happy Talk, The Greater Depression Hasn't Ended

in fact, it's only just begun. The Elites have been merely delaying, trying to keep our thumbs in their leaking dike.

[nxylas]

11. Not even that

Does anyone doubt that the Republican-led Congress is actively trying to wreck the economy (I mean more than they do as a matter of course) in order to win the next election?

[locahungaria]

13. K & R, OhioChick! n/t