Jim Rogers: What He's Saying, Where He's Gone By Bryan Caplan

Jim Rogers, investment biker and co-founder with Soros of the Quantum Fund, says we should let AIG fail:

“Suppose AIG goes bankrupt, it is better that AIG goes bankrupt and we

have a horrible two or three years than that the whole US goes

bankrupt,” Rogers said. “AIG has trillions of dollars of obligations,

let them fail, let the courts sort it out and start over. Otherwise

we’ll never start over.” […] “You are watching something in front of our

eyes, very historically, which is basically the destruction of New York

as a financial center and the destruction of America as the world’s

most powerful country.”

A lot of this seems over the top even to me. But he’s no hypocrite. Unlike Alec Baldwin, Rogers actually has fled the country. He now resides in… [drum roll please] … Singapore!

In December 2007, Rogers sold his mansion in New York City for about 16 million USD and moved to Singapore.

This is due mainly in his belief that this is a ground-breaking time

for investment potential in Asian markets. Rogers’ first daughter is

now being tutored in Mandarin to prepare her for the future, he says.

“Moving to Asia now is like moving to New York City in 1907,” he said.

Also, he is quoted to say: “If you were smart in 1807 you moved to

London, if you were smart in 1907 you moved to New York City, and if

you are smart in 2007 you move to Asia.”

Hmm.