Marc Faber : the US grossly neglected their infrastructure for the last 20 years.

Marc Faber : "...it’s very difficult to measure economic growth, very difficult to measure prosperity. But all I can say -- when I started to travel the world in the seventies and I went to, say, Latin American countries, to Eastern Europe countries, to Asian countries -- all these countries were way behind the US, way behind the US in every respect. And today, the infrastructure in most of these countries is actually better than in New York, Los Angeles, San Francisco. Also, it’s natural because these countries put their infrastructure in in the last ten, twenty years whereas the US -- and that is another problem that nobody, or very few people, talk about -- the problem of the US is that they grossly neglected their infrastructure for the last twenty years. In other words, they have the same trains, they have to run on the same rail track and that hasn’t been modernized by and large. They have the same subways that they had fifty years ago and so forth. And much too little as the percent of the economy has been invested. It’s all been spent. Consumption. And that doesn’t create wealth. What you consume, what you eat is gone. What you use in gasoline and burn is gone unless it’s used for running factories that produce something. So basically, the US economic policy, it’s not just a monetary problem. But the entire economic policies have been to perpetuate an American dream and live beyond means for the last twenty to thirty years. And that’s just not realistic. It was built on borrowing more and more to offset the declining income in real terms -- you know, those inflation adjusted terms. And now, the power of to borrow more is gone...."  . - in Financial Sense News Hour  Click Here to listen to the whole interview >>>>>