Over at Examiner,
I reported on a recent interview that Marc Faber, publisher of the
Gloom, Boom and Doom report, took part in with CNBC.
He talked about the debt, the global financial system, how we lived
beyond our means for nearly three decades and how we will have to
pay it back. In usual Faber fashion, he did not hold anything back.
warnings have been going on for quite some time but they are hardly
ever listened to. Most of these warnings that come from the likes
of Faber, Jim Rogers, Peter Schiff and Ron Paul are common sense,
but for some reason or another, they are ignored. Why?
pontificating my didacticisms, here is a little bit of what Faber
is going down because corporate profits will begin to disappoint,
the global economy will hardly grow next year or even contract,
and that is the reason why stocks, from the highs of September of
1,470 on the S&P, will drop at least 20 percent, in my view.
will be pain and there will be very substantial pain. The question
is do we take less pain now through austerity or risk a complete
collapse of society in five to 10 years time? In a democracy,
theyre not going to take the pain, theyre going to kick
down the problems and theyre going to get bigger and bigger.
Western world, including Japan, the problem we have is one of too
much debt and that debt now will have to be somewhere, somehow repaid
or it will slow down economic growth, stated Faber. I
think we lived beyond our means from 1980 to 2007, and now its
interview can be read about in this article.
A brief excerpt can be seen below.