Marc Faber on The Economic Times of India TV Dec 19, 2009
Marc Faber Dr Gloom Boom Doom has given an extensive interview with the Economic Times of India
to the Question :
How are you looking at the Asian and European economies because although they are bouncing back they remain critically dependent on the US consumer don't they?
Marc Faber had this to say :
"Yeah sure but I think the world has to learn that the US is no longer as relevant as it was 20 years ago to the global economy
. I mean the share of the US in the global economy has diminished very substantially you have higher car sales in China than in the United States and by the way car sales today in emerging economies including Indian, Latin American, China and so forth are larger than in the G-16 countries. In other words it is larger than in Western Europe to US and Japan combined so also oil consumption in emerging economies today is larger than in the developed countries. So we are dealing with the totally new world. There has been a huge shift in the balance of economic power between the rich countries, the arrogant countries of the west and the emerging economies that are coming up and that also will lead to tensions in my opinion political and geopolitical tensions"
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