Dumb Comment of the Day: Sanctions Never Work
Reported by Judy - January 16, 2006
Jim Rogers is a smart guy, but he gets my vote for "Dumb Comment of the Day" for something he said on "Cavuto on Business" about sanctions.
Rogers on Saturday (January 14, 2006) was discussing the possibility of the U.S. going to war against Iran to prevent it from going ahead with a nuclear program. Rogers, author of Hot Commodities, insisted that war with Iran would be a disaster not only for the stock market but for the U.S. military. "Iran's nuts. We're nuts. Everybody's nuts if we go to war with each other," he said. Iran is three times the size of Iraq both in population and geography and is full of mountains, he pointed out. "If we do it, it's going to be a disaster for the U.S. We're bogged down in Iraq. Now are we going to get bogged down in Iran," he said.
Stuart Varney, Fox News business reporter, was promoting the idea of sanctions against Iran, but Rogers disagreed: "Sanctions have never worked against any country in the world." Charles Payne of Wallstreet.com, agreed, "Sanctions, yeah, they don't work."
Leave it to Gregg Hymowitz of Entrust Capital to point out later in the show that sanctions brought down the apartheid regime in South Africa.
