Skip to comments.Marc Faber Fears "The End Of The Capitalist Economic System As We Know It"
Posted on 11/17/2013 2:08:53 PM PST by Errant
"We already live in a financial economy in which the debt and capital markets exceed the value of the real economy by far," Marc Faber explains to Germany's Finanzen100, "and that's before the current formation of bubbles." His most ominous warning, and one that fits perfectly with the seeming insanity of Federal Reserve (and all developed market central banks) is that "the next time a bubble bursts, then the capitalist economic system as we know will falter."
(Excerpt) Read more at zerohedge.com ...
Obama is blowing on the bubble pipe as hard as he can.
“the seeming insanity of Federal Reserve”
really? its transferring wealth from the bible belt to new York. as planned.
Bring back American manufacturing.
This is not capitalism as we know it. This is capitalism bastardized by cronies, politicians, and a bailout culture. None of this would be happening if businesses were allowed to fail.
If you haven’t considered where else in the world you would like to live out the rest of your life, you’re behind the eight ball. -Eddie01 2013
This is capitalism the way sobriety is to a drinking alcoholic.
It is not capitalism
It is corruption. Bailouts? That’s he least of it
The GOPe is steeped in kickbacks they can’t get out if the way and the corporations cannot function without their lobbies.
They all need to go on the wagon and let enterprise come i
But if this is what we accept as a definition of capitalism remedial education is in order
Fascism — the liberals’ way.
“...Bring back American manufacturing...”
How I wish....
Several things that are unlikely to happen would have to come first.
But liberals are frothing at the mouth with the idea of destroying capitalism. This will usher in a golden era of state socialism where everyone is equally wealthy. The government will always be a benevolent and caring one, while kulaks and entrepreneurs will burn in the fiery pit of Hell. Cancer will cure itself. The tree will lie down with the homosexual and make baby electric cars from their rear ends. Global warming will turn into global peace prizes. Second hand smokers will rise up and kill all the smokers. Geeorge Soros will be absolute dictator in a world where there is no God and marijuana is legal.
Capitalism to me is the free market with the rule of law and lack of government interference. What we have today is a corrupt scheme that has irreparably poisoned our nation. Special interests rule the day and the nation gets the shaft.
Whatever manufacturing we “bring back” will be largely automated, and not required significant employment of unskilled bipeds. I now live in a highly protectionist country and this is precisely what has happened.
“If you havent considered where else in the world you would like to live out the rest of your life, youre behind the eight ball. -Eddie01 2013”
Everyone should have a plan of escape.
To assume that the country will return to the grand old days when the Commie Obumbo is gone is not a safe bet.
Can you imagine PRESIDENT Hildabeast?
There are a number of web sites devoted to expat living.
Start to bone up on life in other countries.
For families, check out www.internationalliving.com and www.Escapefromamerica.com. They specialize in Central America.
For single guys, the Philippines is today’s paradise.
I started expat living in central Europe, which still has possibilities, but fading since joining the EU. A British friend of mine from my days in Slovakia is moving here to the Philippines next month.
I think that's a given once the dollar becomes worthless and we're unable to buy anything from other countries with them.
The problem will be the turmoil we will have to endure in the interim, likely a global economic shutdown/reset.
Bob Brinker, the financial radio show guy, said today (parphrasing) that “relatively few Americans will be affected by Obamacare since the vast majority receive their healthcare plans through their employers”. My jaw dropped, and he got a flurry of angry callers taking issue. Brinker may understand market funds, the time value of money at a certain rate of return, portfolios and such, but he seems absolutely clueless to the larger picture.
We don’t have a free market, I reached an agreement with a gas station owner to set up a vending stand in th ecorner of his parking lot and the local cops came and shut it down.
If you want to see a market go to a Mexican neighborhood What you have in the suburbs is a bunch of bloated chains with overpriced products using their political muscle to squeeze out small business.
I think we have an alternative.
Right now, China and America manufacture approximately the same. China however has the momentum big-time, so China is poised to leap ahead of America in the next year.
I think it is time for America to stand up, do what is most responsible, and get our own house in order.
We need to raise taxes on (all) imports, across the board.
And we need to bring back American manufacturing.
We can bring back American manufacturing, if we raise taxes on imports.
But we need to do this now. Not wait.
Agree, but I and probably you know it probably ain't going to happen. Seems things have to reach bottom before folks start looking for a way out in earnest. Take Obamacare as an example. The Teaparty, Cruz, Lee and others did their best to inform the rest of the country. No one wanted to listen to Cruz as he filibustered the issue. Only now that we are at the verge of a collapse of our entire medical industry, because of obamacare, are others starting to panic, and trying to come up with a solution, though now it's too late to avoid the pain.
Stopped listening when he came out in support of the Goron.
You do not mention China.
China is the part of this, which really matters.
China is poised to assume true global dominance if America curls up and fails.
We need to make the transition in a planned way, maximizing our profits.
I say it is time for conservatives to start waking up to the fact that the world has changed.
America needs to make things once again, and needs to adjust our economic rules now, to do so.
We should not wait for a global catastrophe. We need to start making changes right now.
Bring back American industry.
I hear you friend. I want the same, but realistically, manufacturing coming back to America ain’t going to happen for a myriad of reasons (regulations, tort law, taxes, training, time running out, ...). Not until a reset occurs that will eliminate most of the above.
“...relatively few Americans will be affected by Obamacare since the vast majority receive their healthcare plans through their employers”
Don’t know financial Bob Brinker, ...Glad people let him have it. My employer group insurance is changing for 2014 and it is way more expensive. It appears to meet the Obozo guidelines already as it is no longer a Cadillac plan. Did anyone mention IBM releasing its retirees from its group medical insurance to begin in 2014?.
Some companies quietly welcome Obozocare to continue to get away from offering employee benefits - shift their costs to the government, fatten the company bottom line and not have to pay larger salaries. Defined benefit retirement benefit programs are dwindling for years (per GW and a Republican Congress). Do not depend on crony capitalists to be defenders of our Constitutional rights.
Actually, there has been an increase in US manufacturing in the past several years, mostly in the “red states” (Midwest) where regulation / law is business friendly. The leftist states are suffering.
Thanks for the correction. I'm glad to hear that, but it's nowhere near what it was in the first three fourths of the last century, when we made everything we needed.
He’s making a common error in assuming that capitalism is based on top-down function.
He correctly states that “the debt and capital markets exceed the value of the real economy by far.” But the gigantic debt and capital markets have only been around since WWII, when we adopted the *currently failing* debt based economic model.
When it collapses, it doesn’t mean that “capitalism” collapses, just that as a society we have to go back to the form of capitalism that worked for 500 or more years before the recent experiment.
I actually won’t be sad to see it go, because it was based on a false premise, that debt could be accumulated forever, so that by going into debt, you could get things you can’t actually afford. And that’s bad business.
It’s also easy to understand. If you only have $500, but you want something that costs more than $500, if you don’t have credit, then tough. You can’t have it. Simple.
In truth, with something like $200 trillion in debt that these high stakes gamblers have created for themselves, let THEM go into bankruptcy. The rest of us don’t owe them bupkus, certainly not the full faith and credit of the US.
I kind of feel the same way, especially when the Constitution specifically says any debt incurred in rebellion to the Constitution shall not be paid. If this current government isn't standing in opposition to the Constitution, then I don't know what you'd call it.
Buy hard assets and lots of them.