Thursday, August 27, 2009

Not Sure If Marc Faber Has Gone Completely Nuts Or Is Dead On

Video of his recent interview with Australian Broadcasting. Here's the transcript and some of the highlights are quoted below:

"ALI MOORE: And then the next question is how that stimulus is wound back and whether or not governments can do it. Is that what you see as triggering the next crisis?

MARC FABER: I don't think they will wind it back voluntarily. I think one stimulus package will lead to the next one and to more money printing. So in five to 10 years time the real crisis will break out when the whole system collapses. That will be the end...

...You have no faith in the administration's ability to wind back business and start dealing with the problem[?]

MARC FABER: Are you joking - having faith the US administration! I wonder who on earth would face [sic] the US administration, certainly not someone who thinks.

ALI MOORE: So therefore I take it that you are appalled they've reappointed Ben Bernanke?

MARC FABER: I think Ben Bernanke is like a ship captain. He has warning signs, he sails the ship, there's a storm coming. He disregards any warning signals, he disregards the storm signals. He sinks the ship, 1,000 passengers drown. He saves the crew in his control tower, five officers and himself in a lifeboat. They get a medal for saving five people. That's Wall Street. The rest of the country is basically bankrupt.

ALI MOORE: So you see this reappointment as reward.

MARC FABER: A total joke..."