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Politics : Stockman Scott's Political Debate Porch
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To: Jim Willie CB who wrote (9629)11/19/2002 7:34:39 PM
From: pogbull  Read Replies (1) of 89467
 
Jim Puplava Interview of Dr. Marc Faber

financialsense.com

Excerpt:

JIM: Gold and silver are actually a hedge of systemic risk you referred earlier to in our conversation. We talked about some of the possible risks to the financial system, particularly a large U.S. financial institution going under. Also, there is another risk in the U.S. So much of our financial assets, whether it is treasuries, mortgage backed bonds and to some extent the stock market, is owned by foreign investors who have been willing to take their trade dollars that they have earned by trading with us and reinvesting in the U.S. economy. Does that not make the US markets vulnerable to some kind of risk? Are we not vulnerable if foreigners lose confidence in our system?

DR. FABER: Yes, that is absolutely correct. I think the U.S. economy basically lives on foreigners' financing economic consumption of the United States to the tune of around $500 billion annually. It's close to $2 billion daily to finance excessive consumption and investment in the United States. I think that is not sustainable. The question is, At what stage will foreigners withdraw? They don’t even have to withdraw, they just have to diminish their purchases of U.S. assets. Inevitably you would have a significant economic slow down in the United States.
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