Saturday, April 9, 2011
Marc Faber : ".... it depends whose misery. i mean, it would take me a very long time to go into details. but basically today, actually in the u.s., it's not an issue between democrats and republicans because this are many democrats who are well-to-do people and there are many republicans who are not so affluent. it's a question of essentially entitlements, the majority of people obviously is not particularly well to do, so they want larger and larger entitlements, transfer payments and work less. and the people that have money are the ones that usually work very hard, and they don't want to have transfer payments. so the people that have the money say that 10% of the population that is affluent in the u.s. or maybe just 5% of the population, they are outnumbered by the poor people. and therefore they have essentially no votes. so the one way to get back at the masses that all get these entitle systems to prints money and entitlements is to print money. by printing money and outsourcing production to china, you disenfranchise the working class,and by printing money then asset prices go up. could be real estate, stocks, commodities, whatever it is. and so your asset value increases dramatically, and there is wealth disparity that is increasing. ..."... it's not conspiracy. but look, if you clearly think about it, if you are well to do in the united states, you is exactly the same vote as someone who doesn't want to work, that is born illiterate. because in America close to 50% of babies are born to women that are not married. and most of them are actually poor. so w what kind of education these people will get? you have to ask yourself. they have the same vote than someone who has, say, influence, and affluence and has worked very hard all his life. these guys who worked very hard to say to themselves has the system is cheating us. we're going to cheat the system, as well. "...."it's a ver complex issue."
" what i really wanted to say is the tragedy is that the system has become dysfunctional. and the other day cnbc interviewed Mike Steinhart. he said it exactly the way it is. he said we're not living in the America that America used to be. some think changed along the way. and everybody wants to rip off the system. and that leads then to essentially and has also been encouraged by money printing. but basically the well-to-do people in America, they benefit from money printing, as well as elsewhere in the world because they can shift their assets overseas. the ordinary man doesn't have that potential."
Dr. Marc Faber Tomorrow's Gold
Dr Marc Faber was born in Zurich, Switzerland. He went to school in Geneva and Zurich and finished high school with the Matura. He studied Economics at the University of Zurich and, at the age of 24, obtained a PhD in Economics magna cum laude. Between 1970 and 1978, Dr Faber worked for White Weld & Company Limited in New York, Zurich and Hong Kong. Since 1973, he has lived in Hong Kong. From 1978 to February 1990, he was the Managing Director of Drexel Burnham Lambert (HK) Ltd. In June 1990, he set up his own business, which acts as an investment advisor and fund manager.
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