We had ten miserable years on the S&P

Marc Faber : Well, I think that if you look at say stocks on a ten year space, we are on the S&P say around 1,200 today. And we were at 1,550 in the year 2000, at 1,576 on October 12, 2007. So we had ten miserable years. In Europe, it is even worse. And I think that if you take a long term perspective to buy equities will make you money, but maybe not as much as you expect I think, that the returns for the next five to ten years - okay, one year stocks will be up 30 percent. They are up 100 percent from the lows on March 6, 2009. But, in general, I believe we will have a trading range and, at worse, we could be in a situation like Japan, where the market essentially is still down 70 percent from the highs in 1989.

U.S. monetary policy focuses too much on boosting consumption.

Marc Faber : U.S. monetary policy focuses too much on boosting consumption. This is a short-term fix, but benefits often accrue elsewhere, namely in China, which provides the goods to feed American consumerism. The negative real interest rates and boost to Chinese incomes and investment also push up commodities prices, which then counteracts the stimulative effect for U.S. consumers by acting as a tax on income.

the world’s bill for oil went from $250 billion in 1998 to $2 trillion in 2006 before doubling again by 2008 as the Fed started cutting rates towards zero. - at World Commodities Week in London