US has more serious problems than Europe: Jim Rogers
Baku, October 3 (AZERTAC). Global markets have been whipsawed in recent weeks as uncertainty over Europe`s debt situation persisted. But renowned investor Jim Rogers says the US economy has more serious problems than Europe.
Jim Rogers says he`s more worried about the US debt situation than he is about 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 US 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 US They don`t have a huge balance of trade deficit, like we do," Rogers said.
Investors have been worried about the lack of a unified response from Europe. Leaders in the single currency group have been accused of being behind the curve and not getting to grips with the crisis even as stock markets have swooned. But Rogers believes that America, despite having a single fiscal policy, is actually worse off in terms of its debt situation.
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