Jim Rogers : It was painful. It was extremely painful for Scandinavia back then. But they did it and the alternative was what the Japanese did at the same time.
The Japanese propped up everybody with zombie companies and zombie banks. The Japanese have two lost decades now. The Japanese stock market is 80% where it was 21 years ago. Sure. You can do it or try to do it the Japanese way. I prefer the Scandinavian way. You make some mistakes, take your losses and start over.
By the way, the Koreans did it the Scandinavian way, the Russians, the Mexicans - various people did it the Scandinavian way, after a horrible period of pain came out okay and thrived. You can do it the Japanese way or the Scandinavian way. I prefer the Scandinavian way. Let’s face reality. Saying we haven’t made mistakes in the past 50 years defies comprehension.