US Has More Serious Problems Than Europe: Jim Rogers

[OhioChick]

Published: Tuesday, 27 Sep 2011 | 2:13 AM ET

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.

More: http://www.cnbc.com/id/44681050

[villager]

1. They're also not squandering as many resources in a constant "war state," yes?

n/t

[OHdem10]

2. "They don't have a huge balance of trade defict like we do".

That trade deficit has contributed mightily to our
joblessness. Until we solve our structural problems
we limp along in little to no growth of the economy.
No one seems willing to tackle this humongous problem,
rather we did the hole deeper with more Trade Agreements.

[shireen]

3. i don't understand the European situation

I understand why the US is in so much trouble.

But how did Europe get into its mess?