The US dollar is in a contest for the ugliest currency says Marc Faber

Dr Marc Faber speaking to CNBC Monday said that eventually the Dollar will go to its intrinsic value namely ZERO and that for now we are in a contest for the ugliest currency : " well basically I do not think that people should punt on Gold but they should be their own central bank and gradually accumulate gold reserves as a currency and they should basically hold it physically but not in the US outside the US " " I think there is the risk that the US will once again as they did in 1933 collect the gold expropriate the gold they will not take away and not pay anything they'll pay probably the market price and after they will revalue it it by say five times "
Marc Faber : I think you are right in saying that we are in a contest for the ugliest currency , but I disagree with the fact that people are heavily positioned in Euros , I have a lot to do with very well to do people around the world , Latin Americans US citizens Europeans Asians i would say most of them have at least 70 to 80 percent of their money in US dollars now occasionally the market participants the speculators may be heavily in the Euro and negative about the US dollar but by in large there a huge over hand of US dollars globally and I'll tell you if people could sell their dollars and move to something they believed in they would do it , but I believe that the best currency is still gold and silver and this is not the perception of most people they think that gold and silver are speculative investments "
"I think that conceivably the US dollar here could rebound but I maintain my longer term projection , the value of the US dollar will be precisely its intrinsic value namely ZERO precisely ZERO , yes I told you two years ago and I still maintain that "

Marc Faber and Jim Rogers on the US Dollar Bloomberg

Faber, Roach, Rogers, Clarida's Own Words on Dollar

(Bloomberg) -- Marc Faber, publisher of the Gloom Boom & Doom Report, and Jim Rogers, chairman of Singapore-based Rogers Holdings, talk about the outlook for the U.S. dollar. This report also includes comments from Calyon's Mitul Kotecha, Delta Global Advisors' Michael Pento, U.S. Treasury Secretary Timothy Geithner, Pacific Investment Management Co.'s Richard Clarida and Morgan Stanley Asia's Stephen Roach.

CLICK HERE TO WATCH THE VIDEO

The US Dollar Will go to value Zero Said Faber on Bloomberg

Marc Faber on US Dollar

The dollar will become worthless when people eventually realize the fiscal situation in the U.S. is a "disaster,"said Marc Faber, publisher of the Gloom, Boom & Doom report.

"It will go to a value of zero eventually, but not right now," Faber said today in an interview on Bloomberg Television. "Looking at Mr. Obama's administration, it should already be there. I think it will take about 10 years until people realize that the fiscal situation of the U.S. is a complete disaster."

"In my opinion, about 50 percent of tax revenues will be used just to cover the interest payments on the government debt. That is unsustainable. Then you'll really be forced to print money."


The best investments right now are foreign currencies, commodities and equities, Faber said. Stocks will continue to benefit from the actions of Federal Reserve Chairman, "As soon as the S&P drops to 900 or 800, he will print money again. He's a money printer. He's nothing else."

Tags :
Marc Faber Bloomberg Credit Crisis Economy Housing Market Mortgage Stock Jim Rogers Ben Bernanke Fed Street Wall Crisis Depletion Economy Energy Fuel Gas Gasoline Global Inflation Oil Peak Peakoil Prices Supply Unemployment Warming