Dr. Faber studied Economics at the University of Zurich and obtained a PhD in Economics magna cum laude when he was 24. Currently he publishes a monthly newsletter, "The Gloom Boom & Doom" report which highlights unusual investment opportunities. He is also the author of "Tomorrow's Gold - Asia's Age of Discovery" which was on Amazon's best seller list for several weeks. Dr. Faber is a regular contributor to several leading financial publications and regularly appears on financial TV shows and is oft quoted in major financial newspapers and magazines around the world.
The following is one of his more widely viewed clips on YouTube:
Dr. Faber's final statement from the Peter Schiff interview:
We live now in an environment of very, very high volatility, because on the one hand you have the private sector that has tightened lending conditions, and wealth has been destroyed, and households will save more and be more prudent financially than they've been; in other words, credit or liquidity is tightening.
Then on the other hand you have these clowns in government that think that they can solve any problem. As Mr. Geithner said recently,"we know how to fix the problems." Well, if he knew so well how to fix the problems, why did he let the problems happen in the first place? He was the New York Fed Chairman when the conditions were created! And Mr. Bernanke was the Fed Chairman since, I think, 2005, and he was the architect of this ultra-expansionary monetary policy. They have no credibility at all, and in my opinion they're going to make matters worse. And the worse the economic conditions will become, the more Mr. Bernanke will throw money at the system; and that will lead to huge volatility in the market. You can have rebounds in individual stocks, and in whole markets, of 30 percent in one month, then they can drop 20 percent in a month; don't forget, between November and the end of the December, the 30-year Treasury ran at 20 percent; and from its peak at the end of December it dropped 20 percent.
There is huge volatility, and the same will happen in equities. And that's why I think it's very difficult to make long-term predictions. When you have a perfect free-market, it's difficult to predict the future. But when you have a market that is disturbed by government manipulation and money-printing, it's impossible to make any predictions.
7 comments:
I think the only thing worse than quoting authors is inflating their credentials. There are intellectuals from all camps who have impressive sounding credentials. DUH.
His creds aren't inflated.
If you want to talk about this post, read the interview and comment on that.
Don't care about the post. I care about you showcasing his credentials as if he is the messiah.
Just providing a little introduction as I haven't posted about Marc Faber much before
How about posting something original, hmmmm?
Producing original material takes time.
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