Sept 27, 2011
Global markets have been whipsawed in recent weeks as uncertainty over Europe’s debt situation persisted. But renowned investor Jim Rogers says the U.S. economy has more serious problems than Europe.
“Europe has a few bad, bankrupt states, so does America. We’ve got Illinois which is bigger than Greece, we’ve got California, we’ve got New York, you know those are pretty big states that have serious economic problems. We have pension plans in America that are terribly under water,” Rogers told CNBC on Tuesday.
According to Rogers, the U.S. has deeper structural problems than Europe as well as higher debt levels.
“Europe’s got some bad problems but the entity as a whole is not nearly as deep in debt as the U.S. They don’t have a huge balance of trade deficit, like we do,” Rogers said.