Marc Faber: Krugman and Central Planners Should Move to North Korea – The Bubble
Famous investor Marc Faber is featured in a new film about the ongoing financial crisis. Faber is one of many interviews in The Bubble, a documentary that interviews the experts that predicted the 2008 crash and asks what happens next. Other cast members include Jim Rogers, Peter Schiff, Ron Paul, Marc Faber, Doug Casey, Jim Grant and numerous others. The script is written by Dr. Tom Woods and based off his New York Times best-seller Meltdown. Renowned bearish investor David Tice is the Executive Producer. In the film, Faber says that the global economy is decelerating very rapidly. He said, “In my view we have too much debt in the household level, the student level and the government level.” Faber predicted deficits over a trillion dollars in America for the next 10 years. He says this will will hurt economic growth immensely. “I'm ultra bearish on paper money,” said Faber. “There is a bubble in government bonds. People will realize that their money will lose purchasing power and will no longer trust to buy government bonds, notes or bills.” Faber's views on government debt are linked to inflation. He said, that consumer price increases around the world are much higher than what the government is reporting. In the U.S., Faber estimates that consumer price levels are rising by 5 to 8 percent annually.
The raw footage of the interview is available online. Updates about the film, including information about its upcoming release, can also be found at http://www.Facebook.com/TheBubbleFilm. December 22, 2012
Dr. Marc Faber [send him mail] lives in Chiangmai, Thailand and is the author of Tomorrow's Gold.
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The
interview has some interesting quotes from Faber that might be surprising
to some. He made his distaste of Keynesian economists and central
bankers clear by saying, “ Krugman thinks the fiscal deficits
are too small. One of the problems of the crisis is that it was
called by government intervention with fiscal and monetary measures.
Now they tell us we didn't intervene enough. Yet, if they really
believe that, they should go and live in North Korea where they
have a communist system.”