The stress tests have solved nothing, says JIm Rogers.
Rogers said the European test was “a PR exercise just as was America’s.”
They were “a waste of time – and journalistic ink,” he wrote in an e-mail.
“There are more problems coming in the currency markets, pension funds, US states and cities, etc. None of this was considered although the latter is only indirect for the European banks,” he said.
We’d like to see a U.S. states stress test, to see how bad things could get in the U.S.. One that isn’t just a PR exercise, of course.