Mar Faber - Reuters video Interview - 23 September 2011

Marc Faber : you do not need the FED to tell you that something is wrong , the stock market in the US peaked out on May 2nd of this year when the S&P went to 1370 and since then most stocks are down 20 percent , the Banks have collapsed yesterday some of them made new lows and the economic sensitive sector like the materials copper shares iron ore steel have been very weak so you do not need the FED to tell you that something is wrong with the economy the stock market is telling you globally that something is awfully wrong ,

The Banks have learnt nothing

Marc Faber  : ....I have lots of clients and readers of my newsletters, and I don’t know anyone who owns Greek bonds. So why do the banks – particularly French banks — hold Greek bonds and Portuguese bonds and Spanish bonds and Italian bonds? This shows the banks have learnt nothing. There has to be a separation of banking activity. They can have, on one side, investment banking activity – they can call themselves UBS Giant Hedge Fund; on the other side, the banking sector has to be ring-fenced for depositors and made 100 percent safe. They shouldn’t use that to speculate – as is happening at present. - in www.firstpost.com