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Marc Faber: "I Am Sure Governments Will One Day Take Away 20-30% Of My Wealth"

Tyler Durden's picture




 

We cautioned readers in 2011 that in a broke world in which the ridiculously named "muddle-through" has miserably failed, a global wealth tax seeking to expropriate some 30% of all financial assets is coming. As a reminder, back then we said that "all attempts to eliminate the excess debt have failed, and for now even the Fed's relentless pursuit of inflating our way out this insurmountable debt load have been for nothing.... The only way to resolve the massive debt load is through a global coordinated debt restructuring (which would, among other things, push all global banks into bankruptcy) which, when all is said and done, will have to be funded by the world's financial asset holders: the middle-and upper-class, which, if BCS is right, have a ~30% one-time tax on all their assets to look forward to as the great mean reversion finally arrives and the world is set back on a viable path."

Few took it seriously, and why should they - after all the market has been blissfully rising before and ever since then, which implies everything was ok, right? Wrong, as those who are lining up right now in the Cyprus late of night not to buy a shiny new iTrinket, but to access a measly €300 of their own money would promptly admit. Naturally, if more of our Cypriot readers had paid attention, they would have far more of their own money at their disposal right now, instead of having to beg Merkel's emissaries for a €300 handout tomorrow.

Now, a year and a half later, the realization that the global wealth tax is not only coming but is inevitable in practically every developed country, is finally sinking in, as this interview with Marc Faber confirms: "Until now, the bailouts in Europe and the U.S. were at the expense of the taxpayer. And from now onwards, in my view, the bailouts will also be at the expense of the asset holders, the well-to-do people. So if you have money I am sure the governments will one day take away 20-30% of my wealth."

He is correct, but probably optimstic.

His full Bloomberg TV interview is below:

The interview highlights:

Faber on whether he's participated in the equity rise in the U.S.:

"I think that I was relatively positive about U.S. stocks since March 2009. I haven't been shorting any stocks since 2009. The U.S. march is up and consumer confidence is down. Emerging markets are performing badly relative to the U.S., the dollar is strong, indicating a tightening of international liquidity. I do not think the U.S. market will go up a lot from here. I rather think there is now considerable downside risk."

On whether Europe can repair its house:

"They can repair it and actually Europe now has a current account surplus, which is positive. But obviously the economy is contracting. We are in recession in Europe. This will have an impact on the corporate profits of U.S. corporations as well because 40% of S&P earnings come from overseas, but the bulk actually comes from Europe and not emerging countries. I think that corporate profits in the U.S. will continue to contract as they have actually -- according to S&P -- contracted in the first quarter of 2012."

On why gold hasn't held up as a safe haven:

"When you print money, the money does not flow evenly into the economic system. It stays essentially in the financial service industry and among people that have access to these funds, mostly well-to-do people. It does not go to the worker. I just mentioned that it doesn't flow evenly into the system. Now from time to time it will lift the NASDAQ like between 1997 and March 2000. Then it lifted home prices in the U.S. until 2007. Then it lifted the commodity prices in 2008 until July 2008 when the global economy was already in recession. More recently it has lifted selected emerging economies, stock markets in Indonesia, Philippines, Thailand, up four times from 2009 lows and now the U.S. So we are creating bubbles and bubbles and bubbles. This bubble will come to an end. My concern is that we are going to have a systemic crisis where it is going to be very difficult to hide. Even in gold, it will be difficult to hide."

On whether the raiding of bank accounts in Cyprus set a precedent for Europe:

"MF Global, the depositors were also raided. It is nothing unusual. Philosophically I believe that we shouldn't have deposit insurances, blanketed insurances by governments because it would force savers to be very careful with which bank they would deposit the money. The good banks would pay very low interest and take low risks and the banks that take high risks would have high interest. By the way, in Cyrus, banks were paying very high interest like in Lebanon at the present time I can get 6% on my deposits. So the depositors should have known that something is dangerous, but I would say that the principal now is very important to understand. Until now, the bailouts in Europe and the U.S. were at the expense of the taxpayer. And from now onwards, in my view, the bailouts will also be at the expense of the asset holders, the well-to-do people. So if you have money -- like I am concerned -- I am sure the governments will one day take away 20-30% of my wealth."

 

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Wed, 03/27/2013 - 21:05 | 3383824 diogeneslaertius
diogeneslaertius's picture

"...Even in gold, it will be difficult to hide."

protip: be subtle to not get suicided

Wed, 03/27/2013 - 21:10 | 3383841 MrX
MrX's picture

No Honour Amongst Thieves: http://vimeo.com/31304149

Wed, 03/27/2013 - 21:26 | 3383885 notbot
notbot's picture

Sorry, Marc, you are being WAY too optimistic.

 

The gov will eventually get nearly all of the wealth of your accumulated labor:

50% in income taxes (NYC - thank you may i have another),

8.5% sales tax on what's left.

Property tax on anything you own. That alone would siphen your wealth if you stopped working. And 40% inheritance tax above a certain level.  

Then of course there is the worst tax of all...fiat inflation tax.  And if you try to hide from that in gold/assets, you are taxed on the gains so you pay your fair share.

I mean really, this is just insane.  And given the state on entitlements, those rates have only one way to go.  

 

 

Wed, 03/27/2013 - 21:39 | 3383918 Zer0head
Zer0head's picture

They promoted this interview as a 7am start from 5am this morning (Weds) and what did the pricks deliver - CFR's Dick Haas - I turned it off at 7:30 am so never got to see Faber

fuck BBG and fuck the CFR

and FUCK Tom Keene - freakish sell out ahole notwithstanding his soon to be young, blonde and plump bride (of Frankenstein)

Wed, 03/27/2013 - 21:46 | 3383954 tiger7905
tiger7905's picture

Canadian 2013 budget has provision for bail-ins like in Cyprus.

 

http://goldandsilverlinings.com/?p=2133

 

 

Wed, 03/27/2013 - 21:58 | 3383994 disabledvet
disabledvet's picture

"asset stripping." sorry but your gold is not safe up there. "the French bury there's in the backyard"...and are the wisest for having done so.

Wed, 03/27/2013 - 22:42 | 3384127 El Oregonian
El Oregonian's picture

"YOU DIDN'T BUILD IT ON YOUR OWN" so, we're the effing gubbermint and we'll damn well take our fair share! !THAT IS ALL!!! Remember: "WORK IS FREEDOM!"

Wed, 03/27/2013 - 22:49 | 3384137 markmotive
markmotive's picture

There is a global war on wealth and it's all so that governments can close the gap.

Watch out because tax loopholes are getting closed. Wealth taxes and outright theft may be next.

http://www.planbeconomics.com/2013/03/documentary-war-on-wealth.html

Wed, 03/27/2013 - 23:05 | 3384145 The Big Ching-aso
The Big Ching-aso's picture

Hey I think Marc should call it even and give me 30% now so at least one of us will be happier than the one just keeping 70%.

Wed, 03/27/2013 - 23:21 | 3384201 Say What Again
Say What Again's picture

Is anyone watching the ES sell off in the evening session?

Could this be the start of a big bunga bunga party?

Wed, 03/27/2013 - 23:48 | 3384238 TruthInSunshine
TruthInSunshine's picture

I started believing that the U.S. would follow the U.K. in near lockstep, with a 35 to 50 year lag, about 4 years ago.

I grow increasingly confident in this scenario playing out with each passing day.

The U.S. (with New York City as its de facto capital, counterpart to London) has essentially seen its manufacturing based gutted, like England did, has seen the FIRE portion of its economy, and services in general, grow far larger relative to manufacturing and tangible product related industries, just as England did, has seen the Financial/Banking segment of the economy grow to represent a massive relative share of GDP, just as England did (with that financial/banking sector literally buying the legislative & executive brances of government, as well as regulatory bodies, just like in England), and is now seeing an incredible decimation of the financial health of the middle class (racked by massive levels of debt it has assumed in order to maintain a certain "lifestyle" since real wage gains have fallen far below real rates of inflation), with that middle class now being leveraged and drained in order to support the swipe-yo-SNAP-EBT/non-disability but getting disability/"free shit" class, the local-state-federal worker bureaucracy/government employee class, AND the oligarch/KomradeKapitalist/Financial-Banking-MilitaryDefenseContractor class...

...all based on massive perpetual annual deficit spending/massively growing accumulated debt (aka borrowing-begging-stealing from the future without any constraint)...

...just like England did and is still doing (don't let bullshit talk of "austerity" from douchebags like Krugman fool anyone b/c these statists are engaged in lies, damned lies and statistical masturbation).

Thu, 03/28/2013 - 01:06 | 3384349 aka Gil
aka Gil's picture

And eventually our government will order us to turn over our guns, just like in England.

Thu, 03/28/2013 - 06:28 | 3384556 TwoShortPlanks
TwoShortPlanks's picture

US$80 Trillion gap between Bank Assets (debt) and Bank Reserves?

Good luck with that.....Government know-it-all fucktards!

 

Thu, 03/28/2013 - 08:08 | 3384717 TBT or not TBT
TBT or not TBT's picture

That is what universal background checks is for. And Obamacare mandates to force doctors to collect info about gun ownership, and data mining by govt agencies, profiling to predict who are gun owners.

Thu, 03/28/2013 - 01:15 | 3384357 morning_glory
morning_glory's picture

Don't forget the US also has Tony Blair 2 in the form of Oblamo.

Thu, 03/28/2013 - 01:50 | 3384376 TruthInSunshine
TruthInSunshine's picture

Never forget that it's a fact that the economically strongest nations in history (I'm not speaking of small-ish wealth storage repository nations such as Switzerland or off shore islands, but large nations with reserve or competing-reserve currencies) had very large and robust middle classes as a total percentage of the population.

The (truly healthy, robust) middle class in such nations is hugely productive on a per capita basis AND they BOTH spend and save a PERCENTAGE of their income in a manner which is closer to optimal to maintain a healthy national aggregate demand for goods/services AND a national savings rate that fosters, rather than impedes, future growth.

So for all the talk of housing as a pillar and necessary element of a true economic recovery, or auto sales, or equity market performance, or blah blah blah blah blah by the total-shit-for-brains pundits, economists and clowns that populate the airwaves and publications, and who CAN'T RESIST putting the cart before the horse and falling into the "reflation of bubbles will bring about sustainable growth" slippery slope of logicFAIL, remember this--

The most important metrics by which to judge the relative and absolute economic vitality and financial sustainability of a nation such as the United States are (in order of importance):

1)  The number of jobs & % of workforce aged population working (or simply put, JOBS);

2) The number of jobs & % of workforce aged population working (or simply put, JOBS;

3) The real wages (in the form of compensation and benefits provided) paid to those with jobs.

 

JOBS

JOBS

REAL WAGES

The number of homes or cars or anything else being built or sold is a function of a more critical, foundational element of HOW MANY JOBS THERE ARE, and WHAT KIND OF WAGES DO THESE JOBS PAY?

The consumption of and investment in building things is derivative of  the # of JOBS & the level of REAL WAGES, and not the other way around, bitchez.

It's as simple as that.

Thu, 03/28/2013 - 03:11 | 3384430 Son of Loki
Son of Loki's picture

good analysis TIS. Thnx

Thu, 03/28/2013 - 07:55 | 3384692 StychoKiller
StychoKiller's picture

Well, I'm tuning my painted-rock radio, putting on my coconut-shell headphones and calling in a large contingent of cargo planes, as we speak...

Thu, 03/28/2013 - 14:13 | 3386043 IdiocracyIsAlre...
IdiocracyIsAlreadyHere's picture

Don't forget that it is the TPTB/Oligarch class that is paying for the "free shit" class and the bureaucrat class to make sure you build up and spend all of your anger on peons and don't focus on THEM.  Why do think JPM is involved with the EBT cards?  That way you can get pissed at the single mom with 3 kids in front of you at the Wal-Mart paying with EBT and forget who is REALLY stealing most of your wealth.  It also is no coincidence that Jamie Dimon appeared before congress with a Presidential lapel pin - subtle reminder he and his ilk OWN the government.  The same bureaucrats are paid both to make you life a hassle and be at their owners' beck and call.

Thu, 03/28/2013 - 00:21 | 3384298 chump666
chump666's picture

I am.

Seems China clamping down on the money changers big time and clearing excess money out of the system (repo's).  Which means China is inflationary to deflation wipe-out is all but locked in. You can see this in tight USD forwards and commodities trending down.  haha to think the idiot European leaders thought China was their whiteknight.

Also Cyprus banks reopen in a few hours.

For ES to really be on, we need over 2% wipouts and huge DXY bids, HK down over 3%.  But the EUR is looking very bearish. 

Then maybe we get our crash.

Thu, 03/28/2013 - 02:37 | 3384406 MythicalFish
MythicalFish's picture

Oil is up and HK options volume low, don't think this is going to fly.

Thu, 03/28/2013 - 11:31 | 3385479 Panafrican Funk...
Panafrican Funktron Robot's picture

$5 billion POMO day today, biggest of the month.  

Wed, 03/27/2013 - 23:32 | 3384219 ChrisFromMorningside
ChrisFromMorningside's picture

Everybody knows that the dice are loaded 
Everybody rolls with their fingers crossed 
Everybody knows that the war is over 
Everybody knows the good guys lost 
Everybody knows the fight was fixed 
The poor stay poor, the rich get rich 
That's how it goes 
Everybody knows 
Everybody knows that the boat is leaking 
Everybody knows that the captain lied 
Everybody got this broken feeling 
Like their father or their dog just died 

...

And everybody knows that the Plague is coming 
Everybody knows that it's moving fast 
Everybody knows that the naked man and woman 
Are just a shining artifact of the past 
Everybody knows the scene is dead 
But there's gonna be a meter on your bed 
That will disclose 
What everybody knows 

And everybody knows that you're in trouble 
Everybody knows what you've been through 
From the bloody cross on top of Calvary 
To the beach of Malibu 
Everybody knows it's coming apart 
Take one last look at this Sacred Heart 
Before it blows 
And everybody knows

Thu, 03/28/2013 - 01:55 | 3384387 The Heart
Wed, 03/27/2013 - 23:44 | 3384239 dark pools of soros
dark pools of soros's picture

Which wealth?   Rothschilds don't seem to be losing anything

Thu, 03/28/2013 - 01:48 | 3384382 TPTB_r_TBTF
TPTB_r_TBTF's picture

Goyim Wealth

Wed, 03/27/2013 - 22:49 | 3384139 Renfield
Renfield's picture

THANK YOU, Tiger. Very important for the Canadian side of my family to read. There is a lot of them, too.

Wed, 03/27/2013 - 23:10 | 3384163 The Big Ching-aso
The Big Ching-aso's picture

Someday we're all gonna die.  That's when Marc loses 100% anyway.

That and his phucking trademark hiding on t.v. ponytail too.

 

Thu, 03/28/2013 - 00:23 | 3384247 TruthInSunshine
TruthInSunshine's picture

If you truly feel that way, go fill a 20 gallon container with QUIKRETE®. add proper amount of water. Stir until correct consistency. Sit ass in chair, then bend down & insert your head into it.

Let cure overnight.

Thu, 03/28/2013 - 00:24 | 3384303 chump666
chump666's picture

lol

Thu, 03/28/2013 - 01:02 | 3384316 The Big Ching-aso
The Big Ching-aso's picture

Yeah ok, yeah sure.   Will do.  Doofus.   I was being sarcastic you moron.    And btw, quit riding my huge following of fans posts so you get extra-attention hits.    Do it on your own.    (Am I serious?   Shirley not.)

OTOH, you can't take your wealth with you when The Reaper calls.   Now back to the point.  He's worried about 30%?    GMAFB.   Plenty in this world have never even known 0.03% of what he has much less what he thinks he'll have.     He has had it plenty good for a plenty long time.   Quit bitching about what might happen.   Until it happens it doesn't happen.   In the meantime with his wealth I'm sure he'll 'manage'.   

Cry me a phucking river already.   

 

 

Thu, 03/28/2013 - 01:04 | 3384348 putaipan
putaipan's picture

30%? .... ok.-cool.

i just wanna know if he thinks chang mai is still gonna be cool to hang in.

Thu, 03/28/2013 - 01:29 | 3384361 TruthInSunshine
TruthInSunshine's picture

Ching, don't get vagina hurt. That's so un fight club & you know it.

If I missed an obvious sarc, bad on me.

If you're now engaged in double fork tongue speak, bad on you.

I've seen chunks in my stool that were more intellectually substantive than whatever commentary you were attempting to make.

The Pamprin is to your left, and the Vagisil is behind your right shoulder...should you need them again.

Thu, 03/28/2013 - 01:36 | 3384370 The Big Ching-aso
The Big Ching-aso's picture

Hey, I'd stop looking at my stool that intently if I were you.    They can become kinda like tea leaves, monkey bones, self-determing shit like that.

Relax man.   Intellectually however please do make a back to earth personal note that you're no giant.   Please.    My ribs cannot take that kind of shaking, man.

Thu, 03/28/2013 - 01:59 | 3384389 TruthInSunshine
TruthInSunshine's picture

The older I get the more I realize that I don't know.

This realization makes your comment supremely misplaced & ironic.

Thu, 03/28/2013 - 10:26 | 3385245 The Big Ching-aso
The Big Ching-aso's picture

Well if you're that old and admit you don't know shit why are you on here pontificating as if you know a lot?

Thu, 03/28/2013 - 11:11 | 3385399 TruthInSunshine
TruthInSunshine's picture

I didn't say that I'm old (did I?). This may seem like a trivial point, but it actually speaks to your lack of reading comprehension.

As to your question...allow me to quote the words of a true philsopher king, s'il vous plait --

As we know,
There are known knowns.
There are things we know we know.
We also know
There are known unknowns.
That is to say
We know there are some things
We do not know.
But there are also unknown unknowns,
The ones we don't know
We don't know.

Thu, 03/28/2013 - 11:42 | 3385486 The Big Ching-aso
The Big Ching-aso's picture

You said the older you get the less you know implying that you're up there in age.     My supposed lack of reading comprehension vs your playing with words to leave the guessing up to whomever as to what you truly are.   Knowledgeable or not so knowledgeable.        

So which are you TIS, older and thus wiser or younger and thus not so wise?      If you think you know a lot then say so.  And that should come with age.   You know, experience.    I have no problem with that.   That shows a Socratic confidence that commands respect.       But don't hide behind the older I get the less I know BS and then pontificate ad nauseum as if you know a lot - a false humbleness when I hear it.    You either know or you don't.    Obviously you must understand some things much better than others else you wouldn't be correcting their mistakes.   Right?    I have no problem with that either.

This is Fight Club afterall.    Confidence reigns supreme.   Even if it's misdirected.    Your parry.

 

Thu, 03/28/2013 - 11:43 | 3385528 TruthInSunshine
TruthInSunshine's picture

 "You said the older you get the less you know implying that you're up there in age."

There was no such implication.

If I were 18, the same statement would not "imply" that "I was up there in age." 

If I were 22, the same statement would not "imply" that "I was up there in age." 

If I were 26, the same statement would not "imply" that "I was up there in age." 

etc.

"The older I get" implies nothing about the current, objective age of the person making the statement.

Thu, 03/28/2013 - 11:52 | 3385548 The Big Ching-aso
The Big Ching-aso's picture

Your debating skills playing with words here are how should I say, absurd.     I think it's time for me to quit because quite frankly you're too FOS to go any further.  

Thu, 03/28/2013 - 11:53 | 3385557 TruthInSunshine
TruthInSunshine's picture

My debate skills are merely revealing your complete lack of intellectual gravitas (though that was not and is not my goal). As an additional point, you still obviously don't even understand the basic meaning of the statement that I made, which you're obsessed with somehow parsing, even though it's perfectly unambiguous.

Thu, 03/28/2013 - 12:04 | 3385575 The Big Ching-aso
The Big Ching-aso's picture

You're right, I don't.   It doesn't make sense in context and perspective.

Thu, 03/28/2013 - 12:11 | 3385617 TruthInSunshine
TruthInSunshine's picture

I will keep the down arrows you've provided me, while not "negging" you. Take that as a consolation prize if it helps your sense of self-worth.

Hopefully, you will refine your reading comprehension, deductive logic, analystical reasoning and communication skills.

Wed, 03/27/2013 - 22:34 | 3383972 AssFire
AssFire's picture

To me this is like kids that can't wait to inherit what they consider their birth right.

The Gov. takes basically half through taxes while you are working, then debases it with QE so the life savings are not worth nearly as much as when you were earning it then those fuckers come in and take half of whats left when you die--- only now they can't even wait for you to die!! They need a 20-30% cut before you die.

Wed, 03/27/2013 - 23:04 | 3384172 The Big Ching-aso
The Big Ching-aso's picture

The moment you squirt out the womb you're already part of a losing bet thrown onto the world's ante pile.  

Shit.   That was cheerful.

 

Wed, 03/27/2013 - 23:19 | 3384195 AssFire
AssFire's picture

Socialists like yourself always have that type of attitude. Having never won at anything your whole life you trivialize the whole concept of responsibility... You lack respect for life- it is obvious you have never witnessed a birth and had dreams of you own for your children.

Thu, 03/28/2013 - 00:54 | 3384319 The Big Ching-aso
The Big Ching-aso's picture

Dreams are one thing, reality is another.    All is vanity.

Btw, you don't know shit about me or what I've witnessed or have done.     Your petty presumptiousness and self-righteousness and self-importance notwithstanding.

Also do not judge others by their occasionally shitty sarcastic posts.    Like the one's I just made.   But, there's also a stinging truth behind them that's apparently irritating you and TIS's anus like a sandy Fukushima sea cucumber.

 

Thu, 03/28/2013 - 14:17 | 3386064 IdiocracyIsAlre...
IdiocracyIsAlreadyHere's picture

Uhm, where anywhere in his comment was anything that spoke of socialism?  Or lack of "respect for life"?  Same old shit thowing out insults to those who don't see the world your way.  Grow up.

Thu, 03/28/2013 - 11:34 | 3385497 Panafrican Funk...
Panafrican Funktron Robot's picture

I'm actually with you on that point.  Which is why my wife and I decided on 4 spawns.  We're figuring at least 1 will do well enough to keep the other three alive when we're gone.  

Wed, 03/27/2013 - 22:08 | 3383960 socalbeach
socalbeach's picture

You can beat the inflation tax by taking out a fixed rate loan at an interest rate below the inflation rate, and buying an income producing asset. Inflation is not recognized by the IRS when selling an appreciated asset, but it's also not recognized (taxed) when it sheds the value of a mortgage.

For example, anyone who purchased (most) CA real estate ~ 1.5 years ago is way ahead in purchasing power terms if leverage was used.

Unfortunately, there are some caveats: you need to be able to qualify for a loan, not easy these days. And you have to know your market so you don't overpay, and preferably underpay, for the asset you're buying.  And most importantly you have to time your purchases properly.

If you don't understand how this works, read this article: http://inflationintowealth.com/Course/mtTEN3zr.pdf

Wed, 03/27/2013 - 22:28 | 3384095 Iocosus
Wed, 03/27/2013 - 22:38 | 3384120 notbot
notbot's picture

Thanks, looks interesting, I'll have a read.

One correction to what you said...a home is actually not an income-producing asset. It sucks quite a bit of cash to maintain, as a matter of fact.

If I could get a fixed-rate signature loan to invest in some income-producing asset (i.e. a business or rental property), that would be a swell idea.

But the house deal requires asset appreciation (great fool). Likely to happen with fiat printing, but not a gimme given retiring boomers and cali politicians dead set on wrecking your state's economy. 

Nonetheless, I'm not up to speed on the tax implications of what you said, so genuinely appreciate the post.

Thu, 03/28/2013 - 00:55 | 3384181 The Big Ching-aso
The Big Ching-aso's picture

The safest place to hide gold will be up one's ass.    Who looks up there anyway?    Oh, wait.

Thu, 03/28/2013 - 01:28 | 3384204 socalbeach
socalbeach's picture

I don't know if we disagree too much, if at all. 

A personal residence is a consumption item in that it doesn't produce income, and like you say it requires money to maintain, and is also taxed and must be insured.  But it does obviate the need to pay rent, so if you could buy a personal residence for less than what you would have paid in rent on a monthly basis, and you think rents aren't going to drop, it might make sense to buy.

But I was talking about rentals as an example of an income producing asset, as opposed to gold say, which doesn't produce income. There would be a slight problem with buying a rental and renting where you live however, in that you would have to pay taxes on your rental income (exclusive of non-cash depreciation "expense"), but can't deduct your rent payments.

As far as future home price appreciation, around here at least, prices have risen so much since mid to late 2011 that current prices are not really attractive.  We have looked at some other areas (southern coastal Oregon for example) that appear to be dead in the water in the over $400K price range. I can't say I fully understand why there is such a huge disparity in home demand between these 2 areas, or other real estate markets that aren't moving.

 

Thu, 03/28/2013 - 03:17 | 3384432 Johnny Moscow
Johnny Moscow's picture

"I can't say I fully understand why there is such a huge disparity in home demand between these 2 areas, or other real estate markets that aren't moving."

yeah I've seen that too, but think it's just all about jobs, little bit about climate. Oregon is supposedly beautiful but can't be too many decent paying jobs in most of the areas outside Portland, and I thnk most of these sales are retirees looking to downsize or move out to a warmer climate. Whereas in SoCal you've got a decent amount of higher wage earners in selected industries who are always looking for decent properties in good areas. Ditto for NYC. But the cities that have this kind of dynamic are pretty much just the biggest ones.

Thu, 03/28/2013 - 03:13 | 3384431 Johnny Moscow
Johnny Moscow's picture

I'm strugging with what to do with my decent chunk of cash on hand that's inevitably going to get depreciated or taxed or haircut or whatever. I kept wanting to buy property but vacillate between 'yeah it's the right time to buy, can't lose' and 'housing is really consumption, the upside is negligible, it's a lot of maintenance, I won't live near the area so would need a management company to rent it which kills returns, tennants can suck, real estate taxes keep going up and who the hell knows where they will be in a few years, etc."

So there are a lot of downsides even if the property looks like a steal. And in any big major metropolitan area the 'steals' seem to be going away fast, even in places like Miami/Vegas etc. (and who the hell buys to rent in Vegas anyway?)

All that + the fact that even though I have a job in finance who the hell knows where we're headed, so can't assume I'll have income/healthcare (a HUGE 'if' with the latter) in the coming months, let alone years, and very well might need a significant chunk of short-term cash.

So basically it's 'one day at a time' and try to enjoy life, get in shape, eat healthy but well, b@ng some hot girls, etc.

Thu, 03/28/2013 - 05:03 | 3384485 Izznogood
Izznogood's picture

Buy undeveloped land. You just need to find the right spot ...

Wed, 03/27/2013 - 23:44 | 3384240 TX-Mike
TX-Mike's picture

That's exactly what I did.  In fact I just refinanced all 4 of my mortgages (1 home + 3 rentals) down to 4% and took all available cash out to pay off 100% of my other debt.  Damn that felt good!  Now I have people paying my debt off via rental income and it wasn't even a taxable event.  Inflation + tax advantage of the interest means the cost of money is basically free.  In fact I have cash left over to go by more "precious" and stack it high...  

Wed, 03/27/2013 - 21:53 | 3383977 sm0k4
sm0k4's picture

It pays to be poor. Ima go that route.

Wed, 03/27/2013 - 22:02 | 3384008 RafterManFMJ
RafterManFMJ's picture

It pays to be poor. Ima go that route.

 

I'm thinking a great many of us will, willingly or not.

Wed, 03/27/2013 - 22:57 | 3384155 msmith9962
msmith9962's picture

try to get yourself some dirt.   Then study at permies.com

 

hugelkultur

the 50 dollar and up underground house.

 

Who knows, could be a better life than the bill of goods we've been sold.

Wed, 03/27/2013 - 23:51 | 3384249 TonyCoitus
TonyCoitus's picture

With little or no debt, and a few hidden assets, living comfortly poor may be just the ticket. Might even qualify for a few bennys from the state.

Thu, 03/28/2013 - 01:39 | 3384372 RafterManFMJ
RafterManFMJ's picture

Thx for the link. Bookmarked.

Thu, 03/28/2013 - 01:18 | 3384358 BidnessMan
BidnessMan's picture

It is also very expensive to be poor...

Thu, 03/28/2013 - 06:48 | 3384586 Offthebeach
Offthebeach's picture

Warren " Gov Dick In Mouth" Buffet lives modestly. Except for the coporatr Gulfstream, penthouse stays, world class dining, limousines, body guards... So, he' ll be for it.
The American Nomaklatura, minor dukes of rent seeking, mercantalist, will howl. Years of climbing the slippery dick to get the beach house, the plastic boat, the backyard pool, and all on payments and for what?

American kulaks. Bitter clingers in their BMWs and IPhones....you were never in the club. Now, give it up bitchezs! And, don't be thinking no freek'n AR-15, that's for those hick anti-gubament pick up drivers.

Thu, 03/28/2013 - 03:25 | 3384436 qmhedging
qmhedging's picture

everybody needs some haircut

Thu, 03/28/2013 - 05:36 | 3384510 AvoidingTaxation
AvoidingTaxation's picture

Repeat, why I have to pay taxes?

Don't obey.

Thu, 03/28/2013 - 11:44 | 3385530 marathonman
marathonman's picture

I don't know what kind of dick heads junked you, but notbot you are 'on the money'.

Wed, 03/27/2013 - 21:25 | 3383894 Cult_of_Reason
Wed, 03/27/2013 - 21:11 | 3383845 kindape
kindape's picture

he's right. there will be many scenarios where everything is down, including and especially PMs. I would only own significant gold or silver if i had food, medicine, friend, solar panels, converters, etc. in surplus. The scenarios where gold and silver make you rich are far outnumbered by the scenarios where it makes your ostracized or unable to spend it. In my opinion of course

Wed, 03/27/2013 - 21:19 | 3383879 Bendromeda Strain
Bendromeda Strain's picture

Hmm - you speak as if you are wise, and then use the qualifier if on the subject of having supplies ("if I had food, etc, blah blah"). Restated, if you hadn't wasted the last five years, you probably would have gold and silver right now. Or not. In my opinion of course.

Wed, 03/27/2013 - 21:35 | 3383923 Iocosus
Iocosus's picture

They took our gold once. It will happen again. Save it all you want, the Stasi will take it.

We all cling to the belief that it's prudent to save gold because it retains its value. However, in the scenario that is planned and is about to be implemented, we will be faced with one choice: submit or die.

Wed, 03/27/2013 - 21:54 | 3383973 akak
akak's picture

They did not take nor 'confiscate' anyone's gold, much less go door-to-door breaking down doors in the search for privately held gold  --- they merely declared it illegal to own and trade.  Only the most servile and pathetic sheep meekly handed in their gold to a rapacious and criminal government, or would do so again.

Try growing a spine and rising from off your knees sometime --- it can be initially kind of scary, but is almost intoxicating and addictive once experienced.

Wed, 03/27/2013 - 21:58 | 3383993 otto skorzeny
otto skorzeny's picture

no arrests were ever made.

Wed, 03/27/2013 - 21:58 | 3383998 Iocosus
Iocosus's picture

Try growing a spine and rising from off your knees sometime --- it can be initially kind of scary, but is almost intoxicating and addictive once experienced.

My point is that your gold won't buy anything anyway. Money is going electronic.

As for your quoted statement, I hope you can live up to your own suggestions when the time comes.

Wed, 03/27/2013 - 22:04 | 3384018 akak
akak's picture

Your pathetic fearmongering on behalf of the status-quo power structure is really quite transparent and risible.

Wed, 03/27/2013 - 22:17 | 3384062 Iocosus
Iocosus's picture

Fear-mongering? Look around you. Is all this posturing by Homeland Security normal? The actions of the Federal Reserve and the ECB- doesn't it look like it's intentional destruction? Instead of accusing someone whom you disagree with, step out of the Mises paradigm, because it's never been tried and will never be with psychopaths running the show. The rules are not made by us and the only way we win is for critical mass to awaken from apathy: now you see why I'm scared.

Wed, 03/27/2013 - 22:22 | 3384077 akak
akak's picture

Well, I agree that there is a lot to be fearful by (and outraged by) nowadays, but trying to claim that there is no hope, that "resistance is futile", and therefore we should all surrender to the psychopaths, I find to be both defeatist and reprehensible.

Wed, 03/27/2013 - 22:35 | 3384112 Iocosus
Iocosus's picture

I have little hope because most people I talk to haven't a clue and/or don't care. My greatest hope is that the psychopaths turn on each other amid a panic, and enough people grow a pair and become community organizers like Hope and Change. Maybe then we can live with an honest money system for a generation or two until our great grandchildren once again forget the past.

Wed, 03/27/2013 - 23:47 | 3384243 msmith9962
msmith9962's picture

If we had honest money most other problems could be solved in the garden.  See youtube geoff lawton.

Wed, 03/27/2013 - 23:49 | 3384245 angel_of_joy
angel_of_joy's picture

It's not important what others do, just what YOU are doing.

Blaming others is the act of a coward... although very common among people who never learned the concept of responsibility.

Remember, stupid is what stupid does !

Thu, 03/28/2013 - 04:56 | 3384477 The Heart
The Heart's picture

He said...stupid is...what stupid does...lol...

Universe given words for all.

The rate of awakening is awesome in this quickening of the light many are embracing. It has taken many years of real research to know the beast in even its superficial forms. The general feeling is, if one understands it and all its ugliness, then, it will be easier to defeat. Every soul on board has a choice/vote in this decision.

Big giant kudos to all here, Light and dark, for we are at least all getting on the proverbial same page of communications world-wide. Many now understand perfectly well the bankster speak. Give thanks. One has to wonder how the babylonians feel when they read all these comments and see the same awareness level of the majority. A very large percentage and a growing majority who are well aware of these insidious evil insane criminals. How it continues unabated when so many people know is something to ponder. One great real truth is, people are preparing BIG TIME! Preparing to go to war with the babylonians that have, and are about to seriously declare war on it's own people. Crazy? You bet!

We must all remember we are not anti-govt, because the PEOPLE ARE THE GOVT! So, who can be against the people? No one in their right mind of course. There are however, sure a lot of them on SSRI's that really hate people, or the govt a lot. What most here might agree on is, many are against this beast that calls money, god. And many more are angry with the supposed WORLD leadership that are only puppets to these money changer beasts and profiteers of endless useless wars. And even more are totally against and angry about the total destruction of nations and peoples. Ya gotta scratch yer head and wonder, what kind of being does this? What critter shats in it's own food trough?

Critical mass? Not while the TV is on, or as long as the lying dying lamest stream media daily garbage dump is spewing forth into peoples living rooms every night like its a religion to attend regularly every day. Gawd, how does it go on? The mind control. Endless wars for profits, the killing off of the human specie and the planet, the rich getting richer oppressing the people to do it, and pulling off these draconian measures that amount to no less than out-right-theft from the govt, er, the people? The only good reality in this unreality is, they are losing the attention of the mass of people faster than ever now. The people are taking over the matrix. Babylon has got some huge issues coming at them with torches in hand.

Listening to the Michael Rivero Show today on RBN, (http://republicbroadcasting.org/index.php?cmd=home) and a caller was speaking about Michael’s audience as being very aware, and very active. Mike is here too, prolly Clair also. The caller was saying he wrote something and that it got out into the stream of information cycle, and one day the circle came around and someone came up and gave him a copy of the work he had written and made copies of to distribute. (take note->mass distribution of the words and DVDs are vital now) It was the good ol what goes around, comes around at its finest hour. Take a bow, for the mightiest info-warriors are those with the pens and some noodles to use them well. There is no perfection. All is One, and the One effects all.

What these parasitical rudderless babylonians that have actually lost the control over the AI beast they created are totally discounting is, the real spiritual effects and certain laws of the Universe that are engraved in the Stone of every universe are real. These can not be changed. Same same all over, and in every level of dimensional existence. What changes come are illusions to this fact. These are inventions of beasts that have no flavor. Just like the money changer game where 2+2=567,890,567.89 or something close to that. Or, the way they get every one on the bankster created socialist tit somehow in some way, thus creating slaves to the money god, and then pulling off the ol trickeroo when they think they got as many fish in the net, and say to they; well, we got almost all of you hooked on the opium of the money god, now if you want to keep getting your meal tickets and free digital money, you will have to take this little bio-implant chip in your arm. No chip, no food card, or free digits. A pretty darn scummy deal to entrap people into the Free Money programs so they can kill off/control many people due to not having enough food, or any ability to subsist. You can bet the vast majority of christians will not take that "mark of ze beaszt" and THIS, will create some conflicts to bring on the supposed non-lethal weaponry and murderous privateers..

Makes ya want to just rush out to be a biobot today, eh!

Wed, 03/27/2013 - 23:57 | 3384261 lewy14
lewy14's picture

Iocous has it right.

When the wealth is expropriated from the wealthy, approximately seven billion people will cheer to the heavens.

It will be "stabilizing". Governments will spend heavily and buy affection from the people. It will look like it's "working" for long enough.

A few connected wealthy people will profit enormously, because markets per se will disappear, and assets will be acquired through connections and graft, not via "capital".

The masses will cheer and worship their "liberators". The great debate will be settled once and for all in favor of collectivism and socialism.

By the time the seven billion realize they've become zoo animals, it will be too late, and most will have been conditioned to welcome their fate.

Thu, 03/28/2013 - 00:31 | 3384313 BLOTTO
BLOTTO's picture

Order out of Chaos...

.

And like i've said before, unfortunately, 'their' order will be worse then the fuckin chaos.

 

We are at least free a bit this way...

Our freedom is measured by the distance between the skin and the chainlink...its getting tighter everyday.

.

They are trying to pervert everything...as above, so below. This is a battle of wills and our souls...

...Thats the rub for them.

Wed, 03/27/2013 - 22:24 | 3384084 FEDbuster
FEDbuster's picture

MOLON LABE, bitchez!

Wed, 03/27/2013 - 22:09 | 3384034 otto skorzeny
otto skorzeny's picture

money won't go electronic until the CIA no longer has to launder their dope $ from our overseas "nation building". so-as soon as the US $ is no longer reserve currency.

Wed, 03/27/2013 - 22:26 | 3384086 FEDbuster
FEDbuster's picture

Looks like the petro dollar will die sooner rather than later:

http://www.cnbc.com/id/100596232

Thu, 03/28/2013 - 05:18 | 3384497 Izznogood
Izznogood's picture

It's all hubris.

Russia is a rapidly rotting society, South Africa is turning to increasingly socialist policies, so we know how that will end, India is stalling big time, and is hopelssly mired in its own corrupt system and failed organisation, China is still hugely dependent on exports to the West, suffers from enormous ecological problems, and will have a hard enough time controlling its own population, and Brazil is the only country moving in the right direction, but is overly dependent on a functioning China and hampered by protectionist policies. India and China, furthermore, will be locked in regional powerstruggles for decades, no matter what nice declarations they come up with.

Despite the the fact that the latrine is running full here, with debts and stagnating populations, my bet is still on the West.

Wed, 03/27/2013 - 22:46 | 3384136 FeralSerf
FeralSerf's picture

"declared it illegal to own and trade."

If it's illegal to own and trade, it's not much good for getting the stuff like fuel, food, ammunition, and shelter that one needs for survival.   That's why the proles turned it in in 1933.  The financial types moved their double eagles to Europe or Canada.  There were lots of them available for around $35 each in Europe the first time I was there before they were legal to own in the U.S. again.

Thu, 03/28/2013 - 00:33 | 3384314 Pool Shark
Pool Shark's picture

 

 

Cocaine has been illegal everywhere in America for nearly a century.

How much does an ounce of cocaine sell for on the street?

 

Fri, 03/29/2013 - 14:03 | 3388918 FeralSerf
FeralSerf's picture

I don't know how much an ounce of cocaine is on the street since I don't have any interest in investing in it or using it as a store of value.   I might remind you that many people that have traded in it have had their freedom and everything else taken away by people with guns if that is your plan.  Transaction costs are likely very high, just as they would be for gold if it were to be a felony to possess.

It's safer for a coward like me to use something that is legal for a wealth srorage medium.

Fri, 03/29/2013 - 15:48 | 3389251 akak
akak's picture

And what happens when your ever-increasingly-totalitarian government decides to make the ownership and posession of EVERY possible wealth storage medium illegal?

One might just as well try to run away from a hurricane.

Fri, 03/29/2013 - 19:40 | 3389906 TheFourthStooge-ing
TheFourthStooge-ing's picture

akak asked FeralSerf:

And what happens when your ever-increasingly-totalitarian government decides to make the ownership and posession of EVERY possible wealth storage medium illegal?

Honestly, I think FeralSerf longs for that day, because then he'll have the "freedom" for which he's been yearning: freedom from the responsibility of having to make a choice.

For instance, look at his statement which prompted the response from Pool Shark:

If it's illegal to own and trade, it's not much good for getting the stuff like fuel, food, ammunition, and shelter that one needs for survival.   That's why the proles turned it in in 1933.

Granted, his understanding of executive order 6102 appears somewhat impaired, since it exempted collectible coins, permitted any person to own up to $100 in gold coins, and did not result in the forcible search or seizure of any safe deposit boxes. What I find most pitiable, though, is that the idea of contraband having trade value is an utterly foreign concept to him. It is totally outside his frame of reference.

When Pool Shark said

Cocaine has been illegal everywhere in America for nearly a century.

he wasn't suggesting it as a store of value, he was pointing to a multi-billion dollar segment of the black market economy which has been thriving for decades, not only despite its illegal status, but in large part because of its illegal status.

That FeralSerf replied with

I don't know how much an ounce of cocaine is on the street since I don't have any interest in investing in it or using it as a store of value.   I might remind you that many people that have traded in it have had their freedom and everything else taken away by people with guns if that is your plan.

shows that Pool Shark's point flew right by him.

Regrettably, many people suffer the same dual affliction of rigidity of thought and a desperate fear of Bad Things®. I pity them. When the status quo changes, the stress from the unreality of it all will leave many of them in a state of dissociation or catatonia.

It's safer for a coward like me to use something that is legal for a wealth srorage medium.

For some, safety is everything, and life, rather than being the process of living, is reduced to an ultimately futile exercise in death avoidance.

Fri, 03/29/2013 - 23:19 | 3390644 Miffed Microbio...
Miffed Microbiologist's picture

That was very well crafted Fourth. I agree people today are obsessed with safety. Watch the MSM and they continually promulgate various fears coming from all directions. Then they advance the safety from these fears. It's a never ending loop and if you are living an unaware life you will be trapped and deceived. In truth, safety is a myth. Yes, you can live a life that is safer, i.e. not driving 100 miles/ hr drunk while texting. However, I must accept the fact I may be driving perfectly and said drunk could kill me so quickly I would have time to react. Life is too precious not to live it fully, unsoiled by useless worries. I don't want to be on my death bed consumed by regret.

Miffed;-)

Sat, 03/30/2013 - 00:27 | 3390767 FeralSerf
FeralSerf's picture

Actually, it looks like both you and Pool Shark missed my point:

If it's illegal to own and trade, it's not much good for getting the stuff like fuel, food, ammunition, and shelter that one needs for survival. That's why the proles turned it in in 1933.  Black market stuff can have a very high transaction cost associated with its conversion to legal stuff.  That's the reason cocaine is so profitable if you are able to get away with selling it.  You should know that.

If you don't believe it's going to be worse next time than it was under FDR in 1933, you haven't been paying attention.  The government did not have the resources to find and confiscate in 1933 that it has now.  It depended mostly on intimidation, which worked rather well as far as the sheep were concerned.  They turned in their gold mostly.  My grandfather was one of them, even though he was well armed and knew how to use them. 

Wed, 03/27/2013 - 23:47 | 3384242 useless_fact
useless_fact's picture

The highest suicide rate is among men over 85 years old: 65 per 100,000 persons.

Wed, 03/27/2013 - 21:07 | 3383829 Iocosus
Iocosus's picture

When the shit is permitted to hit the fan, Bernanke will cut Faber's pony-tail off for good measure.

Wed, 03/27/2013 - 21:22 | 3383884 kliguy38
kliguy38's picture

Ben wants that pony-tail to hang on his trophy wall of all the nere do wells that have doubted his power.......I vill crush you like a bug Faber......

Wed, 03/27/2013 - 21:33 | 3383913 Tango in the Blight
Tango in the Blight's picture

Ponytails are so '80s thirtysomethings.

Wed, 03/27/2013 - 21:59 | 3383999 Diogenes
Diogenes's picture

Pony tails are for 13 year old girls. On a grown man, if you want to look like a horse's ass that's as good a way as any.

Wed, 03/27/2013 - 22:18 | 3384065 OpenThePodBayDoorHAL
OpenThePodBayDoorHAL's picture

yeah but when he wanders around the night market in Chiang Mai he looks like The Most Interesting Man in the World

Thu, 03/28/2013 - 01:12 | 3384356 putaipan
putaipan's picture

people think i am 'the most interesting man in the world', but really i am the 'southern comfort' guy on koh lanta-... ladies?

Thu, 03/28/2013 - 02:59 | 3384423 ebear
ebear's picture

"The Most Interesting Man in the World'

in a Hannibal Lecter sorta way

Wed, 03/27/2013 - 22:19 | 3384068 akak
akak's picture

Especially when you're grey and half bald.

It's like a 60 year-old paunchy accountant squeezing into a pair of overtight leather pants.

Wed, 03/27/2013 - 22:47 | 3384135 FEDbuster
FEDbuster's picture

Not that there is anything wrong with that....

Wed, 03/27/2013 - 22:44 | 3384129 European American
European American's picture

What silly nonsense. With the kind'a bucks he draws in, he can wear what hair he's got left, in a bouffant, and I'll stll take his advice (over yours) anyday.

Wed, 03/27/2013 - 21:08 | 3383835 NoWayJose
NoWayJose's picture

You cannot hide anything or anywhere from the drones...

Wed, 03/27/2013 - 21:15 | 3383866 Bunga Bunga
Bunga Bunga's picture

Drones are even allowed to take out a US citizen's brain storing private keys.

Wed, 03/27/2013 - 21:39 | 3383942 knukles
knukles's picture

Just a temporary tax

Wed, 03/27/2013 - 21:44 | 3383952 rhinoblitzing
rhinoblitzing's picture

Does anyone else hear that buzzing sound?

Wed, 03/27/2013 - 21:51 | 3383970 F22
Wed, 03/27/2013 - 22:18 | 3384067 seek
seek's picture

The MASINT sensors on drones just aren't that good. If they were there'd be no resupply or weapons caches remaining in Afghanistan, and they're definitely still there.

You can definitely hide a respectable quantity of gold from pretty much all sensors currently available, but you have to be smart about the process (basically don't get imaged, which means the easiest thing to do is to hide them in/around existing structures.) Ground penetrating radar/SAR resolutions suck unless you're literally right on top of what you're trying to image, and even then it leaves a lot to be desired.

 

Thu, 03/28/2013 - 07:06 | 3384610 css1971
css1971's picture

Work at night and use some mylar sheeting to hide from the infra red detectors.

Wed, 03/27/2013 - 21:08 | 3383839 otto skorzeny
otto skorzeny's picture

I don't know what Faber is talking about-he's been on CNBC every 3 months for the last 4 years talikng about 30% corrections in the market

Wed, 03/27/2013 - 21:11 | 3383849 fonzannoon
fonzannoon's picture

damn right Otto. This guy has been yelling for so long for a 20 - 30% correction I set my watch by it. Another classic example of why you can't follow these guys every word.

Wed, 03/27/2013 - 21:15 | 3383862 otto skorzeny
otto skorzeny's picture

also-what kind of a fucked world is 6% on savings considered outrageous-you talk about Stockholm Syndrome.

Wed, 03/27/2013 - 21:33 | 3383911 macholatte
macholatte's picture

 

 

"I think that I was relatively positive about U.S. stocks since March 2009....

 

Huh? Relative to what?  Has he ever uttered the word "buy"?

Just ass covering because he has been wrong for years.

Gloom.... Boom.... Doom

Wed, 03/27/2013 - 21:44 | 3383953 otto skorzeny
otto skorzeny's picture

careful macho-alot of faber lovers in the house 2nite

Wed, 03/27/2013 - 22:35 | 3384114 TheProphet
TheProphet's picture

I agree with most of what is being said, but Faber has repeatedly said that so long as the Fed is printing, he is not getting short stocks.

He reaffirmed this contention. He has also made calls for a great correction, and that correction would have at its source distortions created by money printing. On this point he will have his day.

Thu, 03/28/2013 - 14:41 | 3386153 ebear
ebear's picture

There's another ice age coming soon.   Best be prepared.

Wed, 03/27/2013 - 21:32 | 3383910 eigenvalue
eigenvalue's picture

That's why doing one's own research is very important. Those poor silverbugs who were duped by charlatans like Eric Sprott are now weeping and shitting in their pants.

Wed, 03/27/2013 - 21:48 | 3383964 Talleyrand
Talleyrand's picture

That's right! All those who bought at 6 are probably cryin' in their beer at 29. Just guessin' though. I don't personally know anyone like that.

Thu, 03/28/2013 - 00:35 | 3384318 chindit13
chindit13's picture

That's right, like the guys who bought APPL at 60.  Crying in their beer because it's 452, and held through 704.  Or those guys who bought the Nikkei at 2000 way back when, and held through 38,915.  Crying in their Super Dry because it's at 12,300.  Or those guys who got Lehman stock as part of their bonus, essentially free---and see it sometimes trade on the pink sheets at .01.  That's an infinite ROI!  Bet they're feeling just peachy.

On the other hand, some folks are "silly" enough to mark to market every day and think, "would I buy this right here, right now, or might I be able to pick it up cheaper later?"  Why you almost sound like one of those "manipulators" who sell through a dozen price levels in five minutes, as if they didn't care about price.  I guess they all bought silver at $3, so no big deal.  Heck, if you bought where you say, and don't care it's gone from $48 to $28 in two years, why should "they" care if they dump a much larger load over a much smaller range of, say, $31.80 to $31.20?

Wed, 03/27/2013 - 21:54 | 3383978 booboo
booboo's picture

So a 30% reduction in your net worth at the hands of the government is not a "correction"? And this comes after they have diluted the money stock and what you need to live cost 30% more. "all that glitters is not gold" but Dow 16000 right? Oh boy. A dumb farm boy will fare better then paper stock monkeys by raising feeder pigs and kicking shit out of his truck before this is over.

Wed, 03/27/2013 - 21:16 | 3383867 bnbdnb
bnbdnb's picture

Got a link?

Wed, 03/27/2013 - 21:23 | 3383887 otto skorzeny
otto skorzeny's picture

thanks fonz-i can barely figure out how to turn the computer on

Wed, 03/27/2013 - 21:24 | 3383889 fonzannoon
fonzannoon's picture

No prob. It will make it that much easier for you when they turn it off.

Wed, 03/27/2013 - 21:35 | 3383925 knukles
knukles's picture

Nuh uh...
They'll be doing an Outer Limits controlling the picture while you're sitting like Alex in Clockwork Orange forced to watch every Minute of Hate
You won't have to worry about anything....
Peasant

Wed, 03/27/2013 - 21:27 | 3383902 bnbdnb
bnbdnb's picture

Good link. So he was right about everything but stocks. Corporate profits will disappoint and global growth won't be growth at all, both true.

Wed, 03/27/2013 - 21:36 | 3383924 chump666
chump666's picture

When you get HFTs being used by Wall Street block traders to hunt stops and trade very tightly on the all the MA's, the ECB (funded by the NY FED) to support the EUR 1.30 (although they have a fight on the hands now). Suppression of the VIX.  Confusion with DXY bids.  Very hard to call a top and correction in an all out manipulation assault.

Anyways Asia down Shanghai just blasted through 2%.  Asia looks ready to blow.

Do that Faber chuckle...

FTW http://youtu.be/jFjlk08pcOQ

Wed, 03/27/2013 - 21:37 | 3383930 fonzannoon
fonzannoon's picture

no one is debating his logic. it's the part where he attaches a market call to it where he and everyone else get themselves in trouble. Especially in QE world where fundamentals are out the window

Wed, 03/27/2013 - 21:48 | 3383965 bnbdnb
bnbdnb's picture

He'll answer the question, he isn't afraid to speak his mind. However...I don't know anyone who is right in these markets...

Don't want to get upset by his stock call? Quit worrying about stocks. LOL

No one gets it.

Wed, 03/27/2013 - 22:38 | 3384119 fonzannoon
fonzannoon's picture

who's upset about it? I respect his honesty and i enjoy the entertainment. just don't trade off it.

Wed, 03/27/2013 - 21:10 | 3383843 Tucson Tom
Tucson Tom's picture

Molon labe

Wed, 03/27/2013 - 21:12 | 3383850 Bunga Bunga
Bunga Bunga's picture

I like his laughs most.

Wed, 03/27/2013 - 21:20 | 3383882 rhinoblitzing
rhinoblitzing's picture

Faber's laughing, it's a defense mechanism. Ever notice how Warren just giggles at everything? I guess I would too, especially if I just got done with Becky a few minutes before going on the air,  But Warren - if you read this - can't you get her teeth fixed? It could catch and tear ya know. Just sayin.... Impeach Obama Now - Bitchez

Wed, 03/27/2013 - 21:36 | 3383929 knukles
knukles's picture

Orthodontia/Becky 2016

Wed, 03/27/2013 - 21:47 | 3383959 otto skorzeny
otto skorzeny's picture

BQ- another CNBC washed-out whoor

Wed, 03/27/2013 - 22:03 | 3384016 disabledvet
disabledvet's picture

that's not nice. where "Becky Quick's beautiful mouth" to defend her?

Wed, 03/27/2013 - 22:11 | 3384042 otto skorzeny
otto skorzeny's picture

beautiful mouth? then you'll love the one on the 4 lb largemouth bass I caught tonight.

Wed, 03/27/2013 - 21:52 | 3383974 Go Tribe
Go Tribe's picture

You think Buffet's fucking the scarecrow, eh?

Wed, 03/27/2013 - 21:59 | 3384002 otto skorzeny
otto skorzeny's picture

magic 8 Ball says "fuggedaboutit"

Wed, 03/27/2013 - 22:44 | 3384131 Dadburnitpa
Dadburnitpa's picture

Please.  Dude hasn't had a boner since the 90s.

Wed, 03/27/2013 - 22:05 | 3384022 RafterManFMJ
RafterManFMJ's picture

Faber's laughing, it's a defense mechanism. Ever notice how Warren just giggles at everything?

 

Warren's giggling is just his response to Bernanke keying his remote control vibrating ass-plug.

Wed, 03/27/2013 - 22:15 | 3384058 ultimate warrior
ultimate warrior's picture

When Faber laughs it means he knows the doom is on.

Wed, 03/27/2013 - 23:30 | 3384214 chump666
chump666's picture

It is probably the doomiest interview I have heard from Faber.  No safe havens!

Cyprus banks open few hrs from now.  Bank runs and I bet it's the 50eur limit.  China markets are being slaughtered. 

Wed, 03/27/2013 - 21:14 | 3383860 pashley1411
pashley1411's picture

You can hide, but in disposable and fungible assets.  Precious metals, of course, but anything of value that can be bought and sold outside the credit system; food and crops, stored food and materials, upmarket furnishings.

You won't be able to hide in financial instruments, that's all :).        

Wed, 03/27/2013 - 21:54 | 3383980 ozzz169
ozzz169's picture

Correct, Any real asset is a inflation hedge of some sort, some clearly better than others.  physical cash is safest deflation hedge, period.  Gold is only competition to fiat money, thats why people flock to it when governments get out of control. (also flock to dollars) being the largest country has its advantages, there simply is not a big enough supply of gold to supply the modern world economy, the price would rise so high that it would be impractical to use as currency for small purchases, the same would go for silver/gold put together, supply is too small. if it ever got so bad that gold really became a currency, its value will pail in comparison to guns and ammo... If you want a true hedge, buy guns and bullets

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