Legendary investor Jim Rogers took some time to speak with RT news with his thoughts on the Ireland bail out last night. (video below)
To understand the situation in simple terms:
The Irish banks owed a tremendous amount of money which they did not have the ability to pay back.
If the banks could not pay back these loans there would have been major losses on the balance sheets of other banks around the world including the United States who lent the Irish banks this money.
Ireland accepted a bail out from the EU and IMF by borrowing additional money to pay off these loans. The banks still have the original debt, plus the country now has the new debt which will need to be paid for by their citizens.
Pay close attention as the European debt crisis will emerge on our shores very soon in places you may heard of such as: California and Illinois.
Fortunately Americans will have to make no sacrifice similar to the Irish who will now see budget cuts for public workers and tax increases as part of the bail out.
We have a savior named Ben Bernanke who will simply purchase the toxic debt from California and Illinois.
In other news today Coin Updates News is reporting massive silver shortages in the physical market as it become tougher and tougher for investors to acquire the actual metal.
The game of musical chairs has begun.