[Novus]

$this->bbcode_second_pass_quote('Sixstrings', 'H')e says sick companies like GM (and I assume AIG as well) MUST be allowed to fail because the world economy has contracted 15% whether we like it or not, and the oversupply must be shed.

[BigTex]

I like Marc Faber.

I would love to see him play a villain in a James Bond movie.

[mos6507]

$this->bbcode_second_pass_quote('Novus', '
')Inflation is the shadow tax the super rich pigmen use to steal the wealth of the poor.

[Sixstrings]

$this->bbcode_second_pass_quote('', 'N')ope Faber is one of the Pigman who wants AIG to survive that is why he is advocating inflation. Heavy inflation is the only thing that can wash AIG debts away and he wants us to pay for it. Inflation is the shadow tax the super rich pigmen use to steal the wealth of the poor.

[patience]

Sixstrings,

For most of my life I've been expecting the govt to inflate away my SS. No way in hell they can afford to pay it all out, now that they have squandered what we paid IN. Preparing every way I can think of for that, within limited means.

[Chuckmak]

$this->bbcode_second_pass_quote('mos6507', '')$this->bbcode_second_pass_quote('Novus', '
')Inflation is the shadow tax the super rich pigmen use to steal the wealth of the poor.

[vision-master]

$this->bbcode_second_pass_quote('Sixstrings', '')$this->bbcode_second_pass_quote('', 'N')ope Faber is one of the Pigman who wants AIG to survive that is why he is advocating inflation. Heavy inflation is the only thing that can wash AIG debts away and he wants us to pay for it. Inflation is the shadow tax the super rich pigmen use to steal the wealth of the poor.

[Sixstrings]

$this->bbcode_second_pass_quote('', 'I')NTERNATIONAL. Marc Faber, the Swiss fund manager and Gloom Boom & Doom editor, said eventually there will be a big bust and then the whole credit expansion will come to an end. Before that happens, governments will continue printing money which in time will lead to a very high inflation rate, and the economy will not respond to continued stimulus.

Speaking at a conference in Singapore on Wednesday, Faber said: "The crisis has not solved anything. On the contrary there is less transparency today than there was before. The government's balance sheet is expanding, and the abuses that have led to the one cause of the crisis have continued".

"I think eventually there will be a big bust and then the whole credit expansion will come to an end," Faber added.

"Before that happens, governments will continue printing money which in time will lead to a very high inflation rate, and the economy will not respond to stimulus".

In one of his Gloomiest predictions, Faber, referred to as Dr Doom, said "the average family will be hurt by that, and then in order to distract the attention of the people, the governments will go to war".

"People ask me against whom? Well, they will invent an enemy," Faber said.

"At some stage, somewhere in future, we will have a war - that you have to be prepared for. And during war times, commodities go up strongly,” said Faber.

"If you want to hedge against war, you don't want to own derivatives in UBS and AIG, but you have to own them physically, like farmland and agricultural commodities. That is something to consider for you as a personal safety and hedge. You have to own some commodities," he added.

In a Bloomberg Television interview in Singapore Wednesday, Faber said "What will continue to happen is that the S&P 500 and the Dow Jones will go down relative to gold.

"I think gold will go up more," he added.

“Will it go US$2,000, US$200,000 or US$2 trillion? I don’t know,” Faber said. “But if you have money printing in the world, then the price will over time rise. It will go up more for things that you just can’t increase the supply, and the supply of precious metals is very limited.”

Faber expects the US government to increase its stimulus spending should the Standard & Poor’s 500 Index fall toward 900. The US budget deficit under President Barack Obama’s administration reached a record US$1.4 trillion in the fiscal year that ended Sept. 30. Debt amounted to 9.9% of the nation’s economy, triple the size of the 2008 shortfall.

“I don’t think the S&P will drop below 800 or 900, and eventually will go higher in nominal terms, but not necessary in real terms,” he said, predicting a correction in the measure in the “near term.”

Faber has been warning about a collapse of the capitalistic system 'as we know it today,' massive government debt defaults and the impoverishment of large segments of Western society.

In a May interview with CNBC, he said central banks will continue to print money at full speed, but long-term this strategy will lead to a fall in purchasing power and living standards, especially in developed countries.

The years 2006 and 2007 were "the peak of prosperity" and the world economy is not likely to return soon to that level, he added.

Unless the system is cleaned out of losses, "the way communism collapsed, capitalism will collapse," according to Faber. "The best way to deal with any economic problem is to let the market work it through."

"I repeat what I have said in the past," Faber said. “No decent citizen should trust the Federal Reserve for one second. It’s very important that everyone own some gold because the government will make the dollar (in the long term) useless."
http://www.bi-me.com/main.php?id=42214&t=1&c=35&cg=4&mset=1011

[Kristjan]

$this->bbcode_second_pass_quote('', 'I') know Faber is referred to as "Dr. Doom" but I don't recall ever hearing him be quite this blunt before.

[hardtootell-2]

My impression of Marc Faber is that he does not say things that he is not sure about. He isn't trying to glamorize the doom he is predicting. If you watch closely you can see him shudder slightly as he imagines the consequences. I rack my brain for reasons why he could be wrong but I cannot find any. IMHO he is the real deal. He is no Jim Cramer. Listening to him talk almost gives me panic attacks.

[Rod_Cloutier]

I had a nightmare the other night where "the food supply had collapsed and no one could buy food anywhere, including the rich. This is when the social order collapsed. No one would work if they can't buy groceries to feed themselves and their families. I myself had to turn to robbing quarter gum machines to have at least some sugar to quench the hunger pangs.

Then you had the riots, the lootings, the mobs breaking and entering into all the previous sacrosant wealthy houses to search for food, and the dieoff began."

I think this nightmare is quite on the mark to where we might be headed. I think society will limp on in one form or another until food scarcity causes the social order to collapse. When food is unavaible then comes the social unrest, the real collapse of industry and trade, and the inevitable dieoff.

I won't be worrying too much until food security has become a major issue.

[Kristjan]

$this->bbcode_second_pass_quote('GASMON', 'P')EOPLE V THE BANKS (tptb)

There needn't be war, THATS people V people, NOT RIGHT.

This is a manufactured people V TPTB event.

We need a REVOLUTION

BLOODYWELL WAKE UP. EVERYONE

Gasmon

[Kristjan]

Gasmon[/quote]
Pissing in the wind mate, just pissing in the wind.
Gasmon[/quote]
With that kind of an attitude it's not surprising that we have come to a time in history when we need change/revolution. Dismissive attitudes like yours are what got us into the problem (especially the peak oil problem, but also the national debt problem, the subprime problem and so forth). I'm not saying that you are the cause of the problem but I would like to point out the fact that what we need is more constructive solutions and a constructive debate, not the sort of dismissive attitude you're portraying. What we need is intellectual supremacy over the mainstream media and the politicians and lobby groups that got the world into the problems that we are in now.

If you prepare to be a dismissive pessimist who deep down really only hopes the worst happens so that you can say 'I told you so' at the end of the day then I'm sorry for you. So, lighten up, have a pint of lager or a cup 'o tea and try to be more constructive. We have enough destruction already.

[mos6507]

$this->bbcode_second_pass_quote('Kristjan', '
')what we need is more constructive solutions and a constructive debate, not the sort of dismissive attitude you're portraying. What we need is intellectual supremacy over the mainstream media and the politicians and lobby groups that got the world into the problems that we are in now.

If you prepare to be a dismissive pessimist who deep down really only hopes the worst happens so that you can say 'I told you so' at the end of the day then I'm sorry for you. So, lighten up, have a pint of lager or a cup 'o tea and try to be more constructive. We have enough destruction already.

[patience]

I have found Faber to have well founded and well considered opinions. Lately I read that he was concerned about China and Japan ceasing to buy US Treasury bonds. Particlulary, he was worried that Japan would be forced by their own need for cash to not only quit buying T's, but having to sell some bonds. That would make it near impossible for the US to finance it's budget going forward. Then, monetizing follows, and a dollar crash.

And today, the Yen/Dollar FX is news. Yen was at 85 and faling, and their Finance Minister is concerned, talking about intervention.

Faber has made a pretty solid case for an inflationary outcome for the US, and has been solid in his opinion to buy gold up to now.

edit to add: Japan may have already been dumping US T's, if we consider the 2 incidents of Japanese Finance guys caught in Italy with undeclared bearer bonds. this year. Said to be "fake", but I doubt that. More than we know is happening, I think.

[Novus]

$this->bbcode_second_pass_quote('GASMON', '
')
There needn't be war, THATS people V people, NOT RIGHT.

[wisconsin_cur]

$this->bbcode_second_pass_quote('Novus', '')$this->bbcode_second_pass_quote('GASMON', '
')
There needn't be war, THATS people V people, NOT RIGHT.

[Kristjan]

$this->bbcode_second_pass_quote('mos6507', 'N')ice to know I'm not the only one who feels as you do, Kristjan. You're a rare breed.