Marc Faber : America is nothing today relative to the rest of the world

Marc Faber Says U.S. Stocks Will Outperform Emerging Markets
March 3 (Bloomberg) -- Marc Faber, publisher of the Gloom, Boom & Doom report, talks about the outlook for global stock markets. Faber also discusses the U.S. economy and commodity markets. He speaks with Tom Keene on Bloomberg Television's "Surveillance Midday." (Source: Bloomberg)



Marc Faber said that a global systemic collapse would in relative terms benefit the United States he explains why . Marc Faber on the Phone from Tokyo speaking with bloomberg :"...well I think in a really negative environment where everything collapses the US is still a relatively self sustained economy that produce enough food and they have the resources even to produce enough energy if they wanted to , the problem is that interest lobbies prevent new sources of energy to be developed and so the US is still highly dependent on imported oil , besides from imported oil and I would say in life you need to eat everyday but you do not need to go to your office everyday you could do your job from your home and so essentially energy consumption could go down substantially in a crisis level , if I were really very negative about the whole world , I would have better be in the US than say Guatemala , Venezuela Saudi Arabia ..."

"The problem is this Mr Bernanke decided to print money and the federal reserve has done that for the last thirty years since 1980 and when you print money what the central banks cannot decide is where the money will flow to so , it flowed into NASDAQ in the 1997 to March 2000 and then in flowed into Real Estate and collapsed and in 2008 it flowed into commodities and now again it flowed into rising Oil and the surprise is food prices , the problem is this , as these prices go up it hurts the majority of the population the poor and the middle class , well to do ... Goldman Sachs or City Group or JP Morgan , your percentage that you spend on energy and food is very low so you don't care but for the majority of people it's big set-in....." I am suggesting that America will outperform it does not mean it will go up and I think we have begun a kind of correction period where all markets will go lower for the next three months and I think there is a possibility it hasn't happened yet that the US dollar will rally and that bonds somewhat will rally , but in general if you're very bearish about the emerging economies you shouldn't be bullish about the US and sustain the US would go down less than emerging economies , and I happen to think that the correction begun in emerging economies in November and will go lower and that the US now is peaking out and will go lower ...."
" let's put it this way , may be statistically the US is growing , but relative to the rest of the world , and I was born in 1946 at 65 years old in the 1950s America was above everything else , we talked about this that in America they invented this washing machines and appliances and whatever it was and today relative to the rest of the world America is nothing , and for the first time in history of capitalism the emerging world is more powerful than the western world that's is a huge change ...and it brings huge tensions in the world ..."
" I do not think everybody wants to come to America , I think a lot of Americans want to go overseas , and if Americans could freely opt to be citizens of other countries which they cannot , they will opt for that , and if Americans could have accounts overseas which is very difficult now for Americans to have they will opt for that ..."




The above transcript was done manually by the owner of this blog so it is far from being perfect opr accurate , use at your own risks ...