Marc Faber : The US National debt is already 600% of the GDP

Interview mit Dr. (Doom) Marc Faber (subtitled)

April 04, 2010 — NZZ Online, 2. Februar 2010
Dr. Marc Faber (Dr. Doom) über die aktuelle Situation an den Aktien-, Rohstoff- und Staatsanleihenmärkten sowie über ein mögliches Zukunftsszenario.
Marc Faber :"I am not sure yet that the recession is lready over because the numbers of unemployed persons in the United States is still increasing and there are several indicators that barely suggest a rebound on the economy , I think that also this year it will not get better because the stimulus packages will already lose its influence So I could imagine that we would not have a basic rebound and that the markets will rather correct "
"The Gold between $950 and $1,050 would be a buying zone "
Dr Doom gives his insights on 2012 Doomsday : "I do not think that the world will end in 2012 , but it is quite clear that there have been no solutions for the financial crisis that occurred , they have moved the problem to the future , they just painted new colors on the cracks of the building "And of course the problems will come back , and when they come back then these countries are affected by national bankruptcies , which are not able to fulfill their obligations anymore "
"According to my calculations it is impossible that the American government can fulfill its obligations because the current deficit is over one trillion , this year 1.6 trillion , And that will not come under one trillion and that increase the national debt .The Total debt is already 375% of the GDP , but that does not still include the not yet covered debts of medicaid medicare and social security, if you would include it then the national debt is already 600% of the GDP , So they have to massively print money in the future that will lead to an inflation and recession in the same time , so they might get into a depression and synchronized an inflation as they have in Zimbabwe , The result will be that they will intervene in a war - and the americans are good in finding enemies around the world , That will end in a big conflict and the whole system will collapse" This scenario won't happen tomorrow but in the next 5-10 years guaranteed Marc Faber added

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, MARC FABER LIMITED which acts as an investment advisor and fund manager.
Dr Faber publishes a widely read monthly investment newsletter "The Gloom Boom & Doom Report" report which highlights unusual investment opportunities, and is the author of several books including “ TOMORROW'S GOLD – Asia's Age of Discovery” which was first published in 2002 and highlights future investment opportunities around the world. “ TOMORROW'S GOLD ” was for several weeks on Amazon's best seller list and is being translated into Japanese, Chinese, Korean, Thai and German. Dr. Faber is also a regular contributor to several leading financial publications around the world.
Dr. Marc Faber also known as Dr Doom is an investment adviser, investment analyst and fund manager author and publisher of the Gloom Boom & Doom Report ,and the author of "Tomorrows Gold" . Dr Faber is known for his contrarian investment approach. Dr Marc Faber is associated with a variety of funds and is a member of the Board of Directors of numerous companies.
In 1987 he warned his clients to cash out before Black Monday on Wall Street. He made them handsome profits by forecasting the burst in the Japanese Bubble in 1990. He correctly predicted the collapse in US gaming stocks in 1993; and he foresaw the Asia-Pacific financial crisis of 1997/98 and the resulting global volatility. Dr Doom motto is "Follow the course opposite to custom and you will almost be right"
Mr. Faber is also the author of several books, including Tomorrow’s Gold – Asia’s Age of Discovery, and is a director of Ivanhoe Mines Ltd. , a mining firm focused on the Asia Pacific region. He is also an adviser to a number of private investment funds.