Marc Faber .... "just another war"
Further up this thread someone suggested a new war to distract from the current economic malaise. I pointed to Marc Faber. I ALWAYS read Faber. He gets it - and likes crude long term. Interview from King World News:
(Oh. And he doesn't care for Ivy League, pointed head, Keynesian, Ivory Tower, Nobel Laureates who have never had to meet a payroll. I think that he once referred to Ben Bernanke as Robert Mugabe's love child.)
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Marc Faber - “I Totally Disagree With Paul Krugman
Legendary Marc Faber had some strong words regarding Paul Krugman’s views in his latest King World News interview, “If you read Paul Krugman, and I want to emphasize here that I totally disagree with him. His views are economic selfism. Paul Krugman says, ‘If we have a catastrophe somewhere, if we have a hurricane, if we have destruction, it would be great for the economy if the destruction were larger.’”“If you follow through with his thoughts than you should actually drop nuclear bombs onto the US and then you’ll have a booming economy because everything will have to be rebuilt. That is his view, but that is not the way economics works. You destroy something and the debt level will still be there.
But I think there is a very good chance that the situation in the Middle East, in Pakistan, worsens far more and that more military experts will be necessary. And don’t forget, when the US went into World War II, total credit as a percentage of the economy was 140%.
We are now, without the unfunded liabilities, at 279% and with the unfunded liabilities, probably around 800%. If there was a more substantial war effort by the US, obviously one would have to print much more money. Then people will ask themselves, ‘How can I park some cash in something that will maintain its value over a long period of time?’ Then they will look at gold and silver.
I think that eventually we will have a further decline in the standards of living in the middle class and the poor people and we will have unrest, social strife and as I maintained previously, I think one way to eventually divert their attention is to go to war.”
Marc Faber covers gold, silver, the mining shares and much more in the tremendous interview. The KWN audio with Marc Faber is available now and you can listen to it by CLICKING HERE. |
