Marc Faber : Well, I mean I think personally that over the last twenty years the financial sector has not criticized the federal reserve sufficiently. They should have attacked the federal reserve for printing money left, right, and center. But, the financial service industry benefits from writing asset prices. So when you have a crisis whether it's the S&L crisis or the tequila crisis of ’94 or LPCM or the NASDAQ going down they cheered that the Fed continued to print money because it lifted asset prices. And, so their salaries went up and their performances went up and so forth and so on. So what I would do if I were the Fed chairman having been completely wrong about really everything, which is a truth series about the depression and the current conditions, for sure I would resign. But if I were, say, a pension fund I would tell the contributors and the recipients either you pay more or you receive less but we have to balance the books because the returns aren’t going to be the ones that we are used to between 1982 when the Dow Jones bottomed out below eight hundred and subsequently rose to over fourteen thousand. It's not going to happen again in real terms. Maybe if they print money but if they print money, as I said, the purchasing power of the, say, average American household would diminish because the cost of living will increase that much more. -
in a recent interview with Chris Martenson
