Jim Rogers: "Humanly Impossible for the U.S. to Ever Pay Off Its Debt"

Posted by - Monday, August 8th, 2011

Jim Rogers says it is 100% impossible for our country to ever pay off its $14,580,009,156,725.82 in debt.

That would mean that each individual's debt is approximately $46,868.57 since the United States holds just about 311,082,868 people.

Those are pretty high numbers we're dealing with...How are we ever going to get all of that taken care of? Rogers says we won't, ever.

According to Mr. Rogers, S&P should have cut our credit rating long ago. Rogers continues to asset that the U.S. is and has been "bankrupt", regardless of what our credit rating was, is or will be.

                    rogers

"It seems to me it's physically, humanly impossible for the U.S. to ever pay off its debt," Rogers said. "They can roll it over and continue to play the charade, but the U.S. is bankrupt."  Rogers’ comments came during a CNBC interview with the head of sovereign ratings at Standard and Poor's, David Beers.

Beers said that according to S&P's calculations, total U.S. public debt, which includes local, state and federal government debt, will be $11 trillion this year, and will rise to $14 trillion in 2015 and to $20 trillion by 2021.

Distrustful of the American economy, Rogers believes in safe havens. He remains optimistic about gold and agritultural commodities, even as his positions could suffer in a selloff, informing interviewers that he would not be selling his commodities. He says "you should nearly always buy into panic just like you should sell in hysteria."

In the meantime, Rogers is holding onto his gold -- hoping it's setting itself up for a correction so he can buy even more...

*Indented excerpts from CNBC.

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