Greece is Bankrupt

Greece will never be able to repay its debts because it is bankrupt "Greece economy can't support 300 billion dollars of debt," Dr. Marc Faber told The Indian Economic Times recently .





Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.Dr. Doom also trades currencies and commodity futures like Gold and Oil.

Mohamed El-Erian, Nothing but bad choices for Europe

Mohamed El-Erian "...I was in Europe last week and there's nothing but bad choices. they're looking at a series of bad choices which makes it very difficult to take a decision. so as Michelle said, they've decided not to decide when it comes to the creditors. meanwhile Greece is seeing a tremendous amount of bickering and the issue is nothing so far has been done to solve the two problems Greece has. one, compete excessive debt and inability to grow. it will weigh on our markets here and we'll see the same set of headlines over and over again and we cannot continue to kick the can down the road because we're coming to the end of the road in Greece. "
"first you recognize it's a solvency issue, not a liquidity issue. second you recognize that waiting has contaminated it. so part of the problem now is that the ECB balance sheet has gotten contaminated. so you need to have an action plan for that. thirdly, you need to protect the economies that do not have the characteristics of Greece, but could get contaminated. Spain, Italy. you need to move on plan b quickly, otherwise you're going to get stuck and everything's going to be more difficult. a year ago the ECB balance sheet was not contaminated so we could have solved it easier. today it is contaminated, so it gets more complicated. and six months time, gets even more complicated. so waiting around, not to kick the can down the road, but just waiting around makes the solution even more difficult."

Marc Faber on Greece & the Eurozone

International investing guru Marc Faber shares his thoughts on the fate of Greece as well as his view on the euro and other major currencies. Marc Faber is less optimistic about the Aussie and the Canadian dollar but he is bullish about the Singapore Dollar

Marc Faber : Governments will go bust

Marc Faber: A lot of liabilities in the system have been shifted from the private sector to the government sector. The next train station in the global catastrophe journey is when governments go bust. That could happen in five, ten or 15 years.

Prime candidates are Greece, Ireland, Portugal, Italy, Ireland and Spain. Debt to GDP [gross domestic product] levels are also high in the United States and Britain. The US is bust today according to fair accounting standards. If it was a corporation it would be rated CCC and not AAA.
via SwisInfo

Marc Faber : time to kick out Greece and Portugal out of the EU

Marc Faber: Time to Kick Greece Out of EU

April 28 (Bloomberg) -- Marc Faber :"I think probably the best will be to kick out Greece , the country that abuses the system in other words they did not have the fiscal descipline that was essentially imposed by the EU treaty "
Marc Faber, the publisher of the Gloom, Boom & Doom report, said the time has come to eject European Union members, including Greece, that repeatedly violate the region's budget rules.

ECB European Central Bank will bailout Greece

Marc Faber, Investment Guru, says Greece will be bailed out indirectly by the European Central Bank (ECB) that will guarantee some bonds that they are issuing, and these bonds will then be bought by the public or financial institution. But he doesnt think it will work out.

Marc Faber "we went into this crisis with an unprecedented debt level. “If you compare for instance with the depression years, in the depression years, we didn’t have credit cards, we didn't have unfunded liabilities from social security, from medicare, mediclaim, these are all debts that will come that have to be paid by the government and eventually this fiscal deficit will lead to a government debt that will then because of its increase in size lead to sharply rising interest burden. In 10 years time, I would estimate that between 30-50% of tax revenue will be spent on interest payments on government debt and that will then prove to be a huge problem and necessitate the monetisation of debt and that will lead to a weak dollar.”


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.

Marc Faber asks Greek to buy gold

LONDON (Commodity Online): The debt crisis plaguing Greece has turned out to be another opportunity for global investment advisors to bat for gold, the hottest commodity traded in the world.
While Faber does not hold any hopes for the US dollar and Euro, he says the only ideal investment for people these days is to buy gold. “Greece is caught in a big problem and their currency (which is Euro) is hugely overvalued. So in these circumstances I would advise the people in that country to buy gold,” said Marc Faber.

“I don't think the Greek bail out plan will work out, and I think other countries like Spain and probably Portugal (and Italy) will then also have to be bailed out eventually, and it will lead to more monetization in Europe, one of the reason the euro has been so week,” says Faber.
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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.