Consumer Confidence indices are low for a very specific reason

Marc Faber : Look, I think that consumer confidence indices are low for a very specific reason. Just before I came on, there was a report that the sales of small businesses in America has been increasing. Yes, I believe that because a lot of the sales increase has to do with price increases. In other words, the cost of living of the average American is going up by much more than what Mr. Bernanke looks at, namely core CPI, which is essentially a consumer price index that excludes energy and food. Everybody I talk to has cost of living increases in America of more than five percent per annum. But the Federal Reserve and other agencies and governments, they do not believe that inflation is five percent. They think - they assume that inflation is say two or three percent, interest rates on deposits are zero, so you are cheated out if you have actually savings in a bank. - in Bloomberg Surveillance