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Marc Faber: Long The Dollar, But Occupy The Federal Reserve

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By EconMatters

Marc Faber, asset manager at the Gloom, Doom & Boom Report, popped in at CNBC (Clip Here) on Oct. 11 while visiting in Montreal, Canada (He is usually based in Thailand.)

 

Faber expects volatility to continue (not necessarily means a downside to the markets), but dollar should be a long trade as whenever there's a bubble, e.g. tech bubble, housing bubble, stocks bubble, and commodities bubble, usually after the bubble bursts, there typically will be a 10-15 years of volatility before markets settle down to reignite an uptrend. 

"Despite the fact that the [European Central Bank] and the European government will flood the market with liquidity to bail themselves out, global liquidity is tightening.....Whenever global liquidity is tightening it is bad for asset prices but good for the U.S. dollar, as was the case in 2008."

He thinks there had been far too many "interventions" by the Western governments, where the total share of the economy that's government owned or sponsored have grown tremendously,.  Add to that, the high levels of debt, it is almost impossible for the developed countries including Japan, the U.S. and Western Europe to grow.  

 

When the economy stagnates over a long period of time, people ("the 99%") seeking answers start to go after the "top 1%" minority like Wall Street, which took advantage of the system for profits.  However, it was Washington and the lobbyists who created the system to begin with.  So from that perspective, Occupy Wall Street should move to DC and Occupy the Federal Reserve on the way, Faber laments.

 

His solution for the U.S. economy - Flat tax on everybody "would be a good measure", and reducing the restrictive regulatory environment to encourage business to start investing again.  Moreover, the lack of savings is the biggest problem of the U.S.  Essentially, the U.S. will have to work more, and get paid less to get out of this mess.  Faber also says that Cameron austerity measures have not worked is because "people in the UK don't want to work."

 

EconMatters Commentary 

 

Dollar, despite the Federal Reserve's continuous QEs and twist, is still holing up well attesting to the dangerous state of the world's finance and economy.  So in the near term, dollar could be still king, but with a high degree of uncertainty longer term, depending on how the Euro, the closest competing currency, will come out from this seemingly ever expanding EU sovereign debt crisis.

 

As to the economic and fiscal state of the U.S., we are not as pessimistic as Faber, but have written many times that the U.S. has many structural issues in the labor market, the decades-long anti-jobs policies, and that the vital decisions of the country are and will be made based on politics, and by politicians who can't walk the talk.  If the U.S. does not start to make some fundamental changes, it could eventually prove Faber right.  

 

Towards the end of the interview, Faber made reference to Lee Kuan Yew, the first Prime Minister of the Republic of Singapore for three decades.  Lee Kuan Yew retired in May 2011, but has remained one of the most influential political figures in South-East Asia.

 

In the three decades during Lee's tenure as PM, Singapore has been transformed from a developing economy to one that's the most developed in Asia.  However, the "Singapore Model" is based partly on a socialistic structure (e.g., single political party, state planning, and state-owned enterprises).

 

Dr. Doom Roubini, in an interview with Business Day less than a month ago, also noted Singapore could be one country that he was not averse to state involvement in the economy and held up Singapore as an economy that might be shielded from global shocks.

 

So we find it quite interesting that as a result of the global financial crisis, more and more Western economists are now moving towards socialism, while the more socialist countries such as China are becoming more capitalistic.  Could this be the New World Order underway? .

 

Further Reading:

Wall Street Bailout: Fed's $1.2 Trillion Secret Loans

Occupy Boston - Day One 

 

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Thu, 10/13/2011 - 22:25 | Link to Comment The Gooch
The Gooch's picture

Once again... I see the "Obama 2012" asvertisement on ZH. The fact that his own campaign meisters are that oblivious speaks volumes.  Fuck that shit. Pabst Blue Ribbon.   "End The Fed Punk Rock Anthem"- http://www.youtube.com/watch?v=eWC_0jPFQ_Q

Thu, 10/13/2011 - 22:09 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

work more...paid less...

FUCK YOU Marc Faber.

You must mean politicians and Banksters.

Thu, 10/13/2011 - 20:26 | Link to Comment ZeroAffect
ZeroAffect's picture

 "It was Washington and the lobbyists who created the system that Wall Street uses to profit.  So Occupy Wall Street should move to DC and Occupy the Federal Reserve on the way."

Why take chances, Occupy all Three and make it a clean sweep. Ending the Fed has the effect of ending the Primary Dealer banksters then vote out CONgress every election cycle. Then uphold the constitution and prosecute the guilty. Getting rid of crony capitalism would go a loooooong way toward solving many problems. Lots more work to be done for sure but that's a good start.

 

Thu, 10/13/2011 - 19:47 | Link to Comment zangs
zangs's picture

wait...don't occupy Wall Street, but do occupy the Federal Reserve?!   The Federal Reserve IS Wall Street....they're all the same people...they all belong to the same boys club.  Does he think the Federal Reserve is the government?  What a dumb statement...

Thu, 10/13/2011 - 20:01 | Link to Comment NuYawkFrankie
NuYawkFrankie's picture

Hmmmm...... methinks Fab Faber doth protest too much... Are the chickens  starting to roost a bit too close to home  Marc ?

Lets parse this pearl of wisdom: "It was Washington and the lobbyists who created the system that Wall Street uses to profit.  So Occupy Wall Street should move to DC and Occupy the Federal Reserve on the way

Translation: It was Wall St-owned-Washington and the Wall St owned-lobbyists who created the system that Wall Street uses to profit.  So Occupy Wall Street should move to Wall-St-owned- DC and Occupy the the Wall-St -Owned-Federal Reserve on the way. 

Yeah... move on Wall St-owned-Washinhton, but leave Wall St alone....  have I got that right Marc? - Yeah - OK - cant quite figure that one out (then again, I dont have a PhD in advanced Yodelling from a prestigious Swiss University)... but  whatever you say dude...

Thu, 10/13/2011 - 19:56 | Link to Comment NuYawkFrankie
NuYawkFrankie's picture

.

Thu, 10/13/2011 - 18:48 | Link to Comment silverserfer
silverserfer's picture

Its hard to say this without sounding like a complete socialist but if you believe that there are a lot of elite out there that stole $ from the masses thru fraud then those assests should be given back by force.  I dont think that it can be done in a civil way either.  

Thu, 10/13/2011 - 17:50 | Link to Comment AchtungAffen
AchtungAffen's picture

Considering this piece of advice from Marc:

"When the economy stagnates over a long period of time, people ("the 99%") seeking answers start to go after the "top 1%" minority like Wall Street, which took advantage of the system for profits.  However, it was Washington and the lobbyists who created the system to begin with.  So from that perspective, Occupy Wall Street should move to DC and Occupy the Federal Reserve on the way, Faber laments."

It's clear that the trade is being short the dollar. I mean, he says it's created by goobming AND lobbysts. And the latter, where do you think come from? Statistopolis? No, I bet it's the Wall Street again.

Because it's not the evil goobmint created by their own will and fortune a skewed system for the rich. No, what once was representative government was taken over by moneyed interests. And that is now.

Thu, 10/13/2011 - 17:08 | Link to Comment earleflorida
earleflorida's picture

sadly, there's nothing new here,... this is what happens when a societies individuals turn into oneself and alienates the whole -

this grandiose 'me' generation has reaped its  xenophobic malevolent "bobbitt zenith" - this gilded age of mediocre apostasy - this carpe`diem faustian bargain crossing the rubicon,... fast approaching the precipice of scylla and charybdis with only a limp phallus solipism hoisted with ones own petard - the likely, and fitting ending for a selfish generation one would not argue with,... but only hasten their demise?

if only they had adult supervision???

note:  ever since that scumbag nixon lied to the public, and lied somemore with ford giving him a pardon has our country lost its way! 

ps.  i certainly don't think a value added tax is justified, when all of the poor consume with all of their savings

ps2. sincerely would be in favor of a corporate tax of 15%-20% with no "exemptions" being five [5] pages long (maximum), and reinstating the glass-steagall act of eighty-seven pages [~87]

jmo & nice read 

Thu, 10/13/2011 - 17:01 | Link to Comment Achaean 5
Achaean 5's picture

The US dollar and $ denominated investments are done. The OWS is here to stay and going nationwide. The revolt against the global fat cat greedy bastards is just getting started here and is not going away. The pseudo safe haven status of the dollar is over, regardless of the hype coming from the idiot drone talking heads on mainstream media. Hard assets is what it will be all about.  Silver and gold, long term food sources, non- hybrid, non-gmo seeds, and land. 

Thu, 10/13/2011 - 15:47 | Link to Comment Apocalyptic Cav...
Apocalyptic Cave Dweller's picture

its not what the dollar will do but what other curriencies will do, even a caveman can see that one.

Thu, 10/13/2011 - 15:38 | Link to Comment Seer
Seer's picture

"the lack of savings is the biggest problem of the U.S.  Essentially, the U.S. will have to work more, and get paid less to get out of this mess."

LOGIC FAIL!

Getting paid less will help people get out of debt?  Sorry.  The current debt loads can NEVER be repaid.  Repayment was based on ever-increasing wealth (which, we know, cannot happen on a finite planet), ample new crops of slaves; problem is is that the new slaves aren't able to both repay the debt AND plug money into the consumer economy.

Faber is like all other seer-wanna-be's, calls the current situation correctly, but then falls on their asses defining a "solution," a "solutions" that invariably is based on infinite growth on a finite planet: what makes these folks any different than those who claim that "recapitalizing" banks is all that's required to get things working again?

I called Roubini out on all this, and he, just like Farber, will NEVER answer because it'll show them to be no different than the rest of the status quo that's sucking our blood and not contributing a fucking thing (living off of everyone else's labors).

Thu, 10/13/2011 - 20:14 | Link to Comment monoloco
monoloco's picture

He's probably right about working harder and getting paid less, unfortunately the ones who will be expected to do that are the ones who work the hardest and get paid the least already.

Thu, 10/13/2011 - 17:40 | Link to Comment agNau
agNau's picture

Think he meant (save more=paid less).

Thu, 10/13/2011 - 15:38 | Link to Comment GottaBKiddn
GottaBKiddn's picture

Marc has been right on about a lot of things, as far as predictions go, but I have to admit that this interview is definitely not his strongest.

Thu, 10/13/2011 - 16:18 | Link to Comment AldousHuxley
AldousHuxley's picture

Even marc only has 25% in gold.

Thu, 10/13/2011 - 15:24 | Link to Comment tony bonn
tony bonn's picture

"Flat tax on everybody "would be a good measure"

no, a flat tax would not be a good idea....a flat tax is regressive and favors the economic elite who take a much larger share of government benefits than downstream jetsam and flotsam....

who has more access to government services? some poor 2-toothed waitress at waffle house or a pinstriped egomaniacal bankster on wallstreet?

for whom do 18-24 year old kids die? for some ignorant customer service agent who thinks she is god's gift to knowledge or for the corporate barons at mobilexxon, bp, and shell?

 

Thu, 10/13/2011 - 16:04 | Link to Comment Raynja
Raynja's picture

A flat tax would help the economy as much as almost anything else. 20% of all wages, corporate profits, dividends, interest, and capital gains. No exemptions or deductions, That should be the entire tax code. This stops productivity from being penalized and doesn't allow the rich to game the system thru lawyers and accountants. This does not give the elites an advantage. It would increase the tax rate on the buffetts and ge's

Thu, 10/13/2011 - 18:13 | Link to Comment spinone
spinone's picture

A single payer national health care system would help. Everyone would have coverage and get preventative care (stich in time), employers wouldn't have to pay and would be more likely to hire, insurance companies would not take 20% off the top for doing nothing (Medicaid does the same thing for 3%) and if everyone was in the same pool, insureance would be cheap.

 

Problem is that end of life care would have to get cheaper.  60% of lifetime medical care cost are int he last 6 months.  No more 85 yo with CGF and diabetes getting experimental cancer treatment at $100K a month.  No one gets out of here alive, accept it.

Thu, 10/13/2011 - 18:10 | Link to Comment Strongbad
Strongbad's picture

I'd say a flat 9% tax on everything with no deductions or exemptions should suffice.  Yes, we'd have to cut some wars and some welfare, but I think that would be a good thing.  I say 9% just based on principle that the government should not ask for more money than God.  If the Almighty considers 10% enough, then 9% is plenty for the assholes in Washington because God deserves it and they don't.  I agree with your overall sentiment entirely though, I'm just arguing percent :)

 

Thu, 10/13/2011 - 17:45 | Link to Comment Ghordius
Ghordius's picture

+10'000'000'000'000

Thu, 10/13/2011 - 18:05 | Link to Comment Zero Govt
Zero Govt's picture

how about Zero Tax ?

Faber here has joined idealistic idiot Ron Paul thinking a little less of a virus (Govt) is a fix. The problem is the virus is a cancer, a parasite on its host, a productive society. There is no middle-way, there is no doing half-a-job solution... you either cut the cancer (Govt) away completely or you're just a pissed old fart re-arranging the deckchairs on the Titanic

How many countries, how many times each, has Govt (in particular in bed with bankers) got to destroy every country on Earth before these armchair idiots wake up and spot the systemic problem??????????????

Zero Tax = Zero Govt = Zero Social & Economic Cancer

Thu, 10/13/2011 - 18:16 | Link to Comment Strongbad
Strongbad's picture

Anarchy sounds cool until you realize that the second your family teams up with some other families to fend off outlaws or whoever, you have already at that point created a tribal government, unless you think that everyone will just magically agree on how everything is to be run in the new comunity, which they won't.  At every level of society, decisions have to be made.  If the eldest male in an anarchist commune tells the younger males to go collect firewood or GTFO, then *presto*, you now have a primitive form of government.  Is local government like this less corrupt and more responsive to the people?  Of course, which is why government should be highly localized and de-centralized.  But local government or local anarchist communities can't protect you from 20 armored divisions from the Red Army.

Thu, 10/13/2011 - 15:59 | Link to Comment PivotalTrades
PivotalTrades's picture

By definition a flat tax is not regressive! Either you do not understand the math involved or you don't understand the word regressive! Either way you are part of the problem when ignorant people are allowed to vote!

Thu, 10/13/2011 - 15:27 | Link to Comment Mark123
Mark123's picture

Any tax aimed at the rich only ends up taking money from the honest rich people....the rich crooks NEVER pay taxes.

After time the rich crooks have a huge competitive advantage and we end up with the current mess.

Thu, 10/13/2011 - 16:21 | Link to Comment PivotalTrades
PivotalTrades's picture

This mess is not the cause of "rich crooks". This mess is caused by at least half the country voting for democrats who believe that the govenment should provide for them.  I.E. SS Medicare and any other wealth redistibution scam that the government runs. When the gov spends money it has to take it from some one. Don't mind paying for the defense of the nation but all other services should be on a state by state basis. I'm 51 and have friends who were policeman and fireman who have been retired for 8 years after 20 years of service. That is unsustainable.

Thu, 10/13/2011 - 18:03 | Link to Comment spinone
spinone's picture

The banks made bad bets and lost.  The banks had the US Govt pay off their bad bets.  Now the bad bets are on the US Govt books. US Taxpayers now have to pay for the banks bad bets.  The way we pay is higer taxes, austerity and a lower standard of living. 

The mess is caused by rich crooks - banksters. 

Thu, 10/13/2011 - 15:51 | Link to Comment kaiserhoff
kaiserhoff's picture

Just so.  A great example is the restaurant business.  The crooks skim 25% of gross receipts, reducing their income tax to zero, and giving them a prohibitive advantage over honest business men.  I was a small firm accountant many moons ago, and this is one factor which never seems to change.

Thu, 10/13/2011 - 15:34 | Link to Comment fourchan
fourchan's picture

until the fiat money system stops stealing silently from its victoms no solution is possable.

Thu, 10/13/2011 - 16:55 | Link to Comment Bring the Gold
Bring the Gold's picture

That's exactly right, Austerity is simply punishing all Middle Class and Poor whilst ignoring the MASSIVE and continuing bailouts of the ultra rich. 90% of the debt accrued if not far, FAR more was for the rich, we cancelled that debt and/or moved it onto the backs of the workers and Faber wants THEM to tighten their belts? Give me a break.

Thu, 10/13/2011 - 16:53 | Link to Comment Mark123
Mark123's picture

Too true!!!!

 

My only point was that if people think they can change tax laws to nail those fat cats they are in for a big dissapointment.  A flat tax is probably the best option in our current environment, but I would prefer to see all levels of government cut spending dramatically first off (and get rid of fiat and the fed!).

Thu, 10/13/2011 - 15:19 | Link to Comment CapitalistRock
CapitalistRock's picture

Marc Faber has been calling gold correctly for years. Physical gold. Not the leveraged paper kind down at the commodities exchange.

Thu, 10/13/2011 - 15:17 | Link to Comment Mark123
Mark123's picture

Marc Faber is spot on....but has been saying the same thing for so long it is getting boring.

Also, sick of hearing about how great Singapore et al are - yes, they do work hard, but the "miracle" part of their economies (i.e. how could they grow so fast) is only possible due to slave labour, cheap money (debt) and no environmental laws....and corrupt western governments that were all too happy to create this new model for the benefit of a few crooks back home.

I flew through JFK recently from Europe, and it is really sad to see how pathetic/complacent the USA has become....still a lot of great people there, but the fabric is rotten.

No worries though - the next President will save us all.

Thu, 10/13/2011 - 15:21 | Link to Comment CapitalistRock
CapitalistRock's picture

Not true. It sounds like you are describing China. 15% of Singapore residents have more than $1 million US dollars. It is a very wealthy country and does not have the billions of impoverished low wage employees like you find in China.

Thu, 10/13/2011 - 15:29 | Link to Comment Mark123
Mark123's picture

That is correct....but Singapore (like Hong Kong) reaps the benefits of the sweat shops in Asia.

Thu, 10/13/2011 - 17:02 | Link to Comment AldousHuxley
AldousHuxley's picture

singapore will either pay Chinese military or American military the protection fee.

 

banking centers are nothing without guns.

 

Thu, 10/13/2011 - 18:43 | Link to Comment Strongbad
Strongbad's picture

Last time Britain couldn't save them from the Japanese, but warfare was very different back then and they didn't realize how fast the Japs were advancing down the pennisula.  I'll speculate that Singapore could buy some pretty damn good SAMs, anti-ship missles, and mercenaries (including plenty of Ghurkas) if they felt the need.  This would protect them from marine or airborn attack, though none of that can stop a full-on Chinese human wave overland from the north, but that's a long distance to move conventional forces through hostile jungle territory - Thailand, Burma, and Malaysia would not take kindly to Chinese troops crossing the border ;)

Thu, 10/13/2011 - 16:59 | Link to Comment Tuffmug
Tuffmug's picture

...and when you shop at Walmart, Target etc. do you only buy American items identified with a genuine Union label or do YOU TOO reap the benefits of sweat shops in Asia or Mexico or Los Angeles or Brooklyn, etc.?

Thu, 10/13/2011 - 18:58 | Link to Comment Papasmurf
Papasmurf's picture

There aren't any.  Haven't been for quite some time.

Thu, 10/13/2011 - 15:15 | Link to Comment Jerry Denim
Jerry Denim's picture

This is the second time this week I've seen Faber's remarks posted here.

What a bunch of horseshit! Austerity, wage cuts, more savings from the working classes AND less regulation for the banksters?

I'm sure the honest dealers on Wall Street will press the prospertiy button if we can only get those mean government regulators off their little backs...

Yeah, that will really get the flagging economy going again.

That fat rich fuck and his ridculous policy prescriptions can go fuck himself, but I'm sure he would love to see his little capital class wish list come true

Thu, 10/13/2011 - 15:28 | Link to Comment Raging Debate
Raging Debate's picture

Faber has been calling for the break-up of TBT FIB (Too-Big-To-Fail Investment Banks) since 2008. Same thing with George Soros. Anybody NOT calling for the break-up of this monopoly is your Fascist Pig. Now either educate yourself or jump off a bridge, mankind doesn't need your type right now.

Thu, 10/13/2011 - 17:00 | Link to Comment Bring the Gold
Bring the Gold's picture

His recommendations might as well be out of the mouth of Jamie Dimon, Blankfein, Bernanke or any of the rest of the NWO scum. He cares about HIS living standard and the 99% can rot in a hole. If he was serious he would be talking about dismantling the entire system, but he just wants it to be engineered to maximize his personal gain and the rest can rot. Fuck Faber, he's really revealed himself this week imo. He wants to destroy his competition but not the precious system he knows how to profit off of. I used to think Faber was on the side of the good guys but austerity isn't the answer.

The answer is for bank bondholders to take 100% haircuts, the fiat system to be abolished along with fractional reserve and all the criminals in finance to do extended hard time in a labor camp. Austerity is just rewarding the elites who have ALREADY BEEN BAILED OUT.

When I hear about jubilee's being globalized moral hazard I have to laugh, I guess moral hazard is just fine if its for the rich, but we can't have the poor and middle class get out from under the yoke. Nope, we should let the past (bailouts) be the past and ever march forward. Faber's solution is exactly what the elite want so that makes him on their side. They will gladly destroy the TBTF if that lets them retain control through another mechanism.

Without redress for the 99% it is just continuing under this sickening system that extracts resource wealth through the enslavement of the masses. This isn't capitalism it's neo-corporatist feudalism with fiat fractional reserve monoplism of currency. Fuck that and fuck Faber.

Thu, 10/13/2011 - 21:06 | Link to Comment Not For Reuse
Not For Reuse's picture

solution is to be part of the 1%. Figure it out. The 99% will continue taking it in the ass, as long as USA exists. If you think the lifespan from here on out will be measured in months, fine, short TPTB. If not, stop bitching and use your intelligence to live life as fully as you can before the chairs stop spinning

Thu, 10/13/2011 - 15:13 | Link to Comment afdestruction
afdestruction's picture

I can see intermediate term strength (6-9 months) for the USD, but I dont think it wiill hold too long.

 

Thu, 10/13/2011 - 14:58 | Link to Comment halflink123
halflink123's picture

How could the author NOT be as pessimistic about the US? The US is bankrupt-that never, ever ends well.

Forget about debt/GDP-a chunk of America's GDP is China-financed consumption. If you look at debt to tax revenue or debt to national expenditures the US is in pretty atrocious shape.  I mean the US is doing a swan dive off the Empire State building.

Thu, 10/13/2011 - 14:54 | Link to Comment InconvenientCou...
InconvenientCounterParty's picture

Eliminate all healthcare, retirement and labor laws and the corporates might think about coming back to the U.S.

Notice how high the inflation rate is for maintaining human workers?

Worse than pigs. It's unfair to non-human entities.

Thu, 10/13/2011 - 15:01 | Link to Comment falak pema
falak pema's picture

Eliminate the human being; make te US an empty continent as before and the Oligarchs will come runing back; once all the Crows, Apaches, Seminoles, Blackfeet, Iroquois, Cheyennes of the US middle class are all dead. 

What a way to rebegin the American dream!

Thu, 10/13/2011 - 15:44 | Link to Comment Raging Debate
Raging Debate's picture

He, he now you definatlely have got the game pegged. The official word for Central Banking of establashing a new host country as the old one is stripped to fund that new one is called 'Mandraking'. Let me explain the issue outside of the obvious deviousness and betrayal part of this story.

There is NO MORE half-developed nations left to mandrake too. Africa doesn't ever seemed to get sane unless draconian violence is applied and that leads to more instability with crazy despots later. In other words, it costs more than it returns so Africa is not a candidate.

Since the mandraking plan failed already (China peg completely done before social breakdown of the U.S.) they tried the EU as a peg. The Chinese didn't fully cooperate either but I don't think it was a purposeful bait-and-switch like I once did. Now we have three half-dead economic engines and we should all realize what is coming next. In our modern times, revolutions in major countries are misdirected to FILL____IN_____THE____BLANKS

The messengers will get shot as usual but they are replaceable (I include myself in that statement). But don't forget the lessons if some don't get to see the next period into the High Time! Finish the foundation started 250 years ago and reverse Roschild's satanic pyramid and evole it into a 4D one and sound money. His design was 4d but he purposely learned from the masons to use 3d for purpose of conquest.

Like all things in this world, take the tools that were developed and used for evil and beat those swords into a plowshears! Perhaps we give future generations a little more time than the last cycle before the Robbers plunder again. One thing that did come out of this evil: I now love every culture on earth and would die for any citizen of their countries! This can never be taken away from me now. We Americans paid a HUGE price for the concept of Equality. A shame the bankers used this main focus to detract from Liberty and tried to choke us on it!

Thu, 10/13/2011 - 14:52 | Link to Comment Hohum
Hohum's picture

What's the valuable good or service that MF provides for society?  Just asking.

Thu, 10/13/2011 - 15:41 | Link to Comment Seer
Seer's picture

Exactly!  He's NO different than the rest of the elite free-loaders.  If ALL money went PFFT he would be sitting there unable to even wipe his own ass.

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