Once again Jim Rogers succinctly summarizes the situation...

Rogers is talking about Greece. The key problem with Greece and why it matters to North America is that so many North American banks have huge exposure to Greek debt.  If Greece defaults, those banks lose massive amounts of money.

And in this segment below we see the root of the economic problem in North America... we're too busy blaming China for our woes as opposed to understanding why we can't bring the manufacturing of products we consume back to North America. 

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