Marc Faber : I am not a great believer in this austerity

“I am not a great believer in this austerity that they are proclaiming. I think the fiscal deficit will actually stay very high or even increase and I think that if they decrease the fiscal deficit then it will be offset by very expansionary monetary policy, in other words monetization, so the whole burden to support the economy will fall on monetary policies, then they’ll print money like crazy.
“I would not pay too much attention to what they say but to what the markets do and it seems to me that the people that predicted the Dow Jones at 1000 or S&P at 500 or 200 are misreading the facts that under a fiat monetary system you can print endless quantities of money and so stocks may adjust in real terms but not necessarily in nominal terms to the extent that the super bears are predicting.”