Standard & Poor’s downgrade of the United States’ credit rating from AAA to AA+ was justified, as high debt levels make some type of default inevitable, says investor Jim Rogers. In addition, Treasury Secretary Timothy Geithner never should have been appointed to the position, Rogers says.
“This isn’t newsâ€¦. [T]he U.S. has been the largest debtor nation in the world for a long time. Anybody who didn’t know that shouldn’t be investing,” Rogers says.
In this story on Hedgeworld.com, Rogers says Britain and other Euro zone countries are likely to see their credit ratings downgraded, as well.