Relax. We'll get it somehow...
Posted on 11/07/2008 7:38:30 AM PST by TigerLikesRooster
Swiss Finance Guru sees bankruptcy for the U.S
Image Swiss financial guru Marc Faber tells swissinfo he sees hard times ahead for the world's stock exchanges and even state bankruptcy for the United States.
He also believes that stock exchanges will stay at low levels for a long time.
Faber, otherwise known as Dr Doom for his contrarian views on the economy, has lived in Asia for the past 35 years.
He is a jack-of-all-trades: investment adviser, financier, best-selling author and the compiler of a monthly economic publication called The Gloom Boom and Doom Report.
Faber sits on various boards of directors and investment committees.
swissinfo: You prophesied the stock market crash of 1987 and the Asia crisis and became a celebrity as a result. Did you see this crisis coming too?
Marc Faber: It was quite clear we had a credit bubble. I had been warning about that for years and not only in the mortgage sector. But what surprised even me was that [US insurer] AIG would almost disappear and that UBS shares would fall under $17.20.
swissinfo: How did it come to such a situation?
M.F.: A credit bubble has been growing for 25 years. We've seen, in particular over the past seven years, an unbelievable credit growth, which fuelled economic development. Then there were structural changes in the economy, for example the sinking saving ratios that have had an effect on consumption and growth rates.
(Excerpt) Read more at macedoniaonline.eu ...
Ping!
If this is true.........where is the US going to borrow the $918 Billion they want to spend? Would you loan it to them or would you just trade the US for the money?
“No shit Sherlock” alert.
House and contents for sale...cheep.
Taking my kittycats,hubby and guns and heading for the mountains.
(OK,just kidding....staying to fight!!)
hope babmi has fun presiding over this mess....does herbert hoover come to mind...although herbert was infinitely more qualified than bambi
If it turns around and the economy booms, there will have been people that predicted that too. The trick is to get people to pay you for your predictions.
Recession, not bankruptcy. This guy makes money off of fear, I would suspect.
Ron Paul warned us, no one listened.
How many false positives come with his predictions? Seeing a couple of stock market crashes isn't difficult if you predict a new one every few months. An oncologist who diagnoses cancer in every patient he sees will be 100% accurate in those who actually do have cancer. If you only pay attention to those the doctor looks like a genius.
This from the euthanasia capital of Europe.
“If this is true.........where is the US going to borrow the $918 Billion they want to spend? Would you loan it to them or would you just trade the US for the money?”
How about the dollar collapses and the Amero comes to the rescue?
On the other hand, he says you can only make money 3 cents per dollar. So while he makes tons of money, he is not after dangerous leveraging scheme.
There were so many buying the hype with no second thought, even if he preach "doom." So I am sure he did pretty well betting against the herd.
Yep. Thats what happens when you export all your jobs to China, Mexico and the like. Its really very simple.
Unfortunately, he is absolutely right. The US is headed for bankruptcy. The only question is how much wealth distribution(i.e. government coerced theft) there will be on the way down. The Reagan prosperity of the last 25 years has been undermined and destroyed. It is going to get ugly, more ugly than people realize.
Relax. We'll get it somehow...
Unfortunately, he is absolutely right. The US is headed for bankruptcy. The only question is how much wealth distribution(i.e. government coerced theft) there will be on the way down. The Reagan prosperity of the last 25 years has been undermined and destroyed. It is going to get ugly, more ugly than people realize.
I'm quite sure he will have fun. It will be the people living with his "solutions" that will not be having much fun.
Or was that Ross Perot?
But what are you going to do?
Force companies to keep their plants here? That’s socialism.
Companies have a responsibility to their shareholders only, not to a nation, not to their workers, not to the consumer. And they need to maximize their profits, and if that requires exporting “your” job, then that’s their moral obligation.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.