Jim Rogers: American Economy could Collapse like the UK in 1918

"Olly Ludwig: Let's talk about America for a second. Some people talk about America in positive ways: It has unparalleled geography and the fiscal situation simply needs to be put on a path of sustainability and everything looks very different when you project out into the future. What is your reaction to that optimism you hear from some quarters?
Jim Rogers: It's going to take more than geography for the US to solve its problems. We cannot solve our problems in five years or 10 years. Just look at our problems. America is the largest debtor nation in the history of the world. We have staggering, staggering debt problems that cannot be solved in a decade—if ever. Most countries that have gotten themselves into this kind of situation never really do anything until there's a crisis or a semi-crisis.
Olly Ludwig: So, if there's no American exceptionalism in this realm, what does the worst-case scenario look like?
Jim Rogers: It might be like the UK. In 1918, the UK. was the richest, most powerful country in the world, bar none. But within one generation, they were in economic chaos, and within three generations they were bankrupt. I would suspect that what might happen here would be more like in the UK. than anywhere else. - in Goldnews interview 10 July 2012"

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