Jim Rogers: "Ireland Should Go Bankrupt"

11-22-2010 • ZeroHedge.com & YouTube.com

In this interview with the RT, Jim Rogers says what everyone except a few bankers and corrupt (soon to be unemployed) politicians grasp: namely, that Ireland should go bankrupt. Instead, the government is forcing the country into a tough spot, where social tensions are flaring, and could erupt into an all out social conflict, confirming that the interests of its people is the last thing the Irish government cares about, and is only concerned about preserving what is now virtually proven to be a failed model (with even JPM saying so tongue in cheekly), and prevent losses at all major German and English banks. Quote Rogers: "It would teach everybody a good lesson, and in the end Europe would be stronger for it, and the EUR would be stronger... You can not spend staggering amounts of money that you don't have of other people's money that you don't have because somebody has to pay the piper. This is ludicrous. This will cripple the Irish economy for years to come. In the future Ireland will be crippled because everything they earn will go to pay off old debt. There is no reason why taxpayers around Europe or in Ireland should pay for other people's mistakes. The bondholders and the stockholders of banks should lose money"... So simple, yet so irrelevant when dealing with a dying economic model.