October 26, 2011
An outlook on the economy
, with Marc Faber, Gloom, Boom and Doom Report editor/publisher.
Some quotes:
“The end crisis will be postponed until the sovereigns go bankrupt,” Faber said. “They can postpone the end-game endlessly…say another five to 10 years. Each money-printing exercise brings about unintended consequences. These unintended consequences are higher inflation rates than had no money been printed.”
“I think I’m very constructive and I’m a great optimist in life. Otherwise I would commit suicide in view of the kind of governments we have nowadays. For sure they will take wealth away from the well-to-do people one way or the other, and from the middle class they will take it away through inflating the economy and lowering the standard of living.”
“If the Chinese bubble bursts one day, which inevitably will happen — maybe not tomorrow, maybe in three months, maybe in three years — when it happens it will have devastating consequences for the global economy.”
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