This page has been archived and commenting is disabled.
Marc Faber: On Operation Twist, The Dollar, Gold, And The Greeks
In his inimitable manner, Marc Faber describes to ThomsonReuters why it is time for Greece to leave the common currency, claim bankruptcy, and allow its citizens to live decently even if European leaders (and bankers) have to suffer. Furthermore, he reflects on how the stock market sell-off indicates real concerns about the global economy and in an unusual moment for the author of the Gloom, Boom, and Doom report, believes the Fed was right (but only in so much as they limited the scope of Operation Twist).
Part 1. Choice Quotes include:
You don't need the Fed to tell you that something is wrong.
...at least this time around, Mr. Bernanke did the right thing [...and...] what they said yesterday is better than what they've said for the last 12 years.
...if the S&P drops to around 900-950, we'll get QE3 for sure...
I'm not selling my gold because I think in the long run, they will print money.
Click Image for Video (no embed available)
Part 2. Outstanding perspectives include:
I don't know anyone who owns Greek bonds. But who owns them? The ECB and European banks.
The banks, the problem is that they're not run as banks where they have a fiduciary duty...They take the capital and go and gamble left, right and center.
They should default.
The Greek people in Greece, the only way for them to survive economically, half way decently is to leave the EU.
...countries like Greece and probably Portugal will leave the EU, or the strong countries like Germany will leave the EU and then there'll be dual currencies,
Click Image for Video (no embed available)
»
- 38444 reads
- Printer-friendly version
- Send to friend
- advertisements -
zzzzzzzzzzzzzzz
maniac researcher might not be posting here again, until getting a new name :D LOL
but still silently negative people ROFL
http://www.zerohedge.com/users/maniac-researcher
yup :D, he deleted his account, i guess he didnt like the fact that his twitter traffic started going up
http://twitter.com/#!/designerdean
LOL, OWNED
"maniac researcher"
Not so sure about the "research" part, but "maniac"--definitely.
was refering to a troll who was insulting everyone on the open gold thread, but then magically deleted his account today....
I wonder why, maybe cause he started getting twitter followers??
http://twitter.com/#!/designerdean
LOL
You smoked that fvcker lol.
I do wonder whence these rabid anti-Libertarian trollbots? are they .gov$ paid avatars or are they ideologically motivated zealots? (ie- commies?)
he was a vegetarian from Vancouver lol, that would put him in the second category LOL
Please sign the petition to END THE FED! http://wh.gov/gMx
Faber is dead on - he'll be proven right. Although the big story is going to be all those fat and happy (and clueless) baby boomers reading their Sunday Papers and saying, "damn this Euro-thingy looks really ugly and I may want to retire before I'm 83 - I should move to cash until the smoke clears." massive Mutual Fund outflows on Monday and Tuesday will accelerate selling mid week... I believe ZH has been tracking the super low cash levels in Mutual Funds and the sell off early Monday will help motivate the Boomers!! This is going to get ugly fast!!
Faber just believes in real capitalism. Unlike America. And just like America. The bailout is for the Banks. Not the People.
When will stupid Americans get it. Bailing out the Banks did Not Save the World. Think Berkshire's team.
All we did was pay for Lloyd Blankfeins 100 million dollar bonus. They want to bust Unions for Labor in America.
Because they do not believe the American Worker deserves a contract with conditions negotiated for service.
Yet the Bastard Banksters think their contracts should be paid even if they Fuck up the whole financial system and need 700 billion dollar bailouts to not fail and go bankrupt.
When will the sheeple wake the hell up and demand the money paid back from the Bailouts.
Americans are brainwashed sheep who sold their liberty for HD. TV is absolute shit and it enpowers the elites. ZH has plenty of sheep who watch it an enpower their overlords. The sames thing is true in most of europe. Oh and F the unions. They are no better and are run by gangsters like Gotti and Blankfein. Obam's pals are all union vermin.
Those motherfuckers own Hollywood studios too. Don't forget that.
Yup. They own the video games too. All the media, TV, movies - all shit. A few foreign directed films are okay. The rest is full on 24x7 brainwashing garbage.
On that note...know who is covering the ongoing Gulf oil spill disaster? Hundreads of gulf citizens with chronic health problems and BP's government supported stance of ignoring pleas for help from oil spill victims...the ongoing spill effects to the ecosystem? No, not our blessed US media...they took their cue and have long silenced themselves from covering the after-spill. Yes, it is the the likes of Al Jazeera and other overseas networks that continue to cover this oil spill...I now look abroad to find news of what is happening in my home land. Compare Reuters and Al Jazeera's coverage of Iran's request to join the UN.
Europe? never heard of it. now pipedown, i've got a new season of the mentalist.
Umm..Didn't the UAW get Bailed out along with the Bankers under TARP..Oh yeah, they did..and the small middle class investor got screwed, You know like the Bond and Stock Holders who wre first in line before the Unions. Seems somebody has yet to GRASP reality..it's all a big club and YOU AIN"T IN IT!
The UAW took cuts in worker compensation and benefits, not sure how that classifies as "a bailout".
The UAW was bailed out alright. The cuts would have been much deeper and included substantial layoffs, pension, and benefits cuts too had the Admin not stomped on centuries of established contract and bankruptcy law by letting the unions jump the line ahead of the "secured" creditors.
To compare the bailouts of the uaw with the financial industry is rather silly. yes they got bailed out but their bailoutb was like taking a big hit, think 30 cents on the dollar they got. The banking industry got 100cents, no restrictions, etc. in fact geither gave goldman 100 cents for AIG, and 2worked to give the aig boys their million dollar bonuses.
plus 32 trillion back up (according to tarp inspector general) from the government. The uaw is also not withholding credit/ lending so they can force people into having to use credit cards (so they earn more).
The banks have had to give almost nothing up, they are fighting regulations tooth and nail behind closed doors (and winning), the regulations of dodd frank aren't going to stop the problems, we will still have too big to fail, the volker rule is being gutted so they will still prop trade, derivatives haven't been reduced, nor are they on an open exchange. The banks got bailed out and we got zero in return, and the financil system is more concentrated (worse off than before)
Douchebag
SUre the common workers took at hit but what about the union bosses whose retirement contracts are gauranteed. You think they will ever take a pay cut or a pension cut to help the little guy. I work around union guys all day long and most either don't know or don't give a shit (or know they can't do anything about it) that the union BA's and higher ups make upwards of 5x's what their average salary is. If the unions want to show me they really care stop cutting into the retires who actually worked for their pensions (i.e. raising union dues yearly) and give back some of thier money (150k +++ per year, union vehicle, 2x pension, gauranteed medical, 25k+++ credit card allowances). Once that happens then I will believe the shit that comes out of their mouths. Other than that they are no better than any of the bankiing thugs who pay themselves when times are great and when times are shit.
Whether you believe it is the bankers fault or the unions fault there is but one common outcome from it all... Little guy gets screwed.
rocker
The calls to congressmen were 99 to 1 against the first set of bailouts. The American people understand perfectly who the bailouts were for. THe people were ignored.
And nearly everyone that voted against their constituency was RE-ELECTED a short time later. That's the moment I stopped caring and had any hope for our country.
The problem is they are all crooks. Doesn't matter who you vote for.
"Wall Street Has Two Parties. We Need One Of Our Own." - #OccupyWallStreet sign
The problem was that for every 100 people contacting their representatives, 10,000+ had no fucking clue what was happening beyond the american idol vote counts.
I can appreciate your impatience, but a relatively sizable number in the House lost by 2010, and control flipped to the GOP. Perception lags reality, but the people catch on. More pols will lose in 2012. Things take time. Look at how long it took the banks to position themselves for a Greek default.
Do you really think we have choice when we vote? Both parties are on the take. Now voting is just a waist of time.
unions suck resources , depress employment and destroy companies. why should anyone be forced to be in a union? pay mandatory union dues? why do governemtn workers need unions? i think america needs to start making real shit again just not in union shops. why did the administration block boeings plant in SC? all this create jobs speechifying is garbage. im not defending bankers ... just dont think unions or "labor " has any positives.
Hey, Hey! Ho, Ho! Anti Union Mentality's Got To Go!
I need to preface my statement; I am young, I have worked many jobs, mostly manual labor, I am educated, and provide skilled labor, specifically I weld, I can run any process, on any material. I work in a non-union shop for dollars less than an apprentice would have been making three years ago(or in a union shop), performing the duties of a journeyman welder.
I believe in pure capitalism, that a man should be paid his worth.
that being said, this is an attack on the working class(citizens), the rich know that the working class in america is too brainwashed or stupid to do anything about the usury, the rich steal from the working man and give to the entitlement class, if they didn't then the working class would no longer be working, but instead fighting. the factories would be retrofitted to produce small arms and the territories would fracture, independent republics would crop up across the nation, and foreign powers would again be opaquely vying to capture fertile american soil and labor. and the elites which rely on the scam to remain elites, would be dead.
this is really happening, have you ever had one of those moments, where you realise with infinite clarity the nature of your circumstance? the world stops, and the words hang there in a moment of pure understanding, this is really happening.
when this all shakes out over the next couplefew years, the USA will no longer exist, prey to god you can make it in a world without government agencies, without the protection of unions, without the police. because alot of you, although you say it now, the words, don't really know just how much your world is managed by these elites, just how much you owe them, because you are not yet ingrained in a world where violence is everyday, it's normal, true anamalistic independence.
i'm not stating a preference, merely what is to come, they can't fix it this time, it's all coming down, circle the wagons and prey you have enough ammunition.
have you known real mortal fear? when you did, did you cry in a corner? or did you act?
the founding fathers routinely partook in gun duels.
Colonel Kurtz:
"I've seen horrors... horrors that you've seen. But you have no right to call me a murderer. You have a right to kill me. You have a right to do that... but you have no right to judge me. It's impossible for words to describe what is necessary to those who do not know what horror means. Horror... Horror has a face... and you must make a friend of horror. Horror and moral terror are your friends. If they are not, then they are enemies to be feared. They are truly enemies!
I remember when I was with Special Forces... seems a thousand centuries ago. We went into a camp to inoculate some children. We left the camp after we had inoculated the children for polio, and this old man came running after us and he was crying. He couldn't see. We went back there, and they had come and hacked off every inoculated arm. There they were in a pile. A pile of little arms. And I remember... I... I... I cried, I wept like some grandmother. I wanted to tear my teeth out; I didn't know what I wanted to do! And I want to remember it. I never want to forget it... I never want to forget. And then I realized... like I was shot... like I was shot with a diamond... a diamond bullet right through my forehead. And I thought, my God... the genius of that! The genius! The will to do that! Perfect, genuine, complete, crystalline, pure. And then I realized they were stronger than we, because they could stand that these were not monsters, these were men... trained cadres. These men who fought with their hearts, who had families, who had children, who were filled with love... but they had the strength... the strength... to do that. If I had ten divisions of those men, our troubles here would be over very quickly. You have to have men who are moral... and at the same time who are able to utilize their primordial instincts to kill without feeling... without passion... without judgment... without judgment! Because it's judgment that defeats us."
Let's keep it real here Ridley Scott: Your quote is silly and transparent propaganda from a propaganda movie. Reality is "we" are the ones separating childrens arms from their bodies. Not the gooks/terrorists/subhumans dejeur.
I have never been as angry about this situation as I have the last few days. It's like screaming in a vacuum chamber where no one can hear you.
We need collective rage.
Disobey.
I'm done.
I used to be a dem. There, said it. Used to be all up for union solidarity and such. I have had a radical transformation in my thinking. NO MONOPOLIES ANYWHERE is what we need to focus on. Business, Government, Labor, no where. What does it mean when you must be a member of a union to work, hmmm? No free market there. What does it mean to be a TBTF? Means you have a monopoly. I can go on with this simple thesis and cover everything. Corporations have a monopoly on lobbiests. The lovely unions are not what they used to be, they have become corporations, and monoploistic ones at that.
Government has a monopoly on the initiation of force and the creation of legal tender. Get rid of this monopoly and the rest could not survive.
I'm not sure what I used to be!
But, what I see as the real problem is that we are in the age of political 'utopiansim' - I would say communism, nazisim, socialism are 'utopias' to their followers - their followers are trying to create their vision of a 'perfect world,' or system. (I didn't include fascism as I consider all the above systems in their implementation to be generally fascistic).
The issue is - how do we de-centralize power - destroy these nightmarish, dystopian, utopias? The only thing we have on our side is that these concentrations of power tend to blow up eventually as they mis-manage their governments, economies and resources. Like a giant, off balance, merry-go-round.
The only thing that has held this systemic mess together so far is that those in power have been able to prop up their lopsided system for an overly long time. The sooner this one blows up, the better.
Right, because you're way smarter than anyone over 50.
Why do you say they are clueless? They have been in TLT, ZROZ and EDV
for the last 8 months. WOW! I wish I had been so clueless!
HaHa.
That's all I have to say.
ZerOhead imposter...
Zig Hiel
That's "Sieg Heil!"
That's "Fuck, yeah!"
Faber rocks and Fuck the bankers.
Faber does rock, and I hope everyone paid attention to his 950 S&P panic and print call. I was thinking if the S&P broke 1000, they would fire up the presses (so to speak).
Now that both the Chinese and the FED are moving out on the yield curve, I wonder who will pick up the slack on the short end. I guess the money markets will get some inflow from people bailing out of equities? Fedzillia continues to eat up all available capital to fund the growing debt and deficits, so at some point they have to print more or the beast will starve.
Consumers will need to feel some "wealth effect" for a good Christmas spending season, so I think most of this will transpire prior to mid-November (big market rally before Black Friday). October continued pain in the market, first part of Nov. QE3 announced (500 billion +), decent market rally and Christmas shopping season. Can kicked for a few more months.
Greened ya for the Christmas shopping "wealth effect" call.
und yah! This guy should retire.
Marc indeed has enough assets to retire, how about you?
Kind of simple if you ask me; limited upside for price.
So you do not see the money supply increasing?
FED, ECB, SNB will not continue printing money?
You sound just as smart as my former economy teacher, a dood being sponsored by government because he was incapable of getting a real job.
They may print a bit, but not enough to offset the massive debt and credit destruction the world is about to encounter
Then the banks will collapse, the sovereigns will default and the fiat system will join its historical antecedents in the cosmic septic tank.
ed. . . . sooner rather than later.
Fuck, bring it on. Waiting for that moment for the last three years, they prolonged entire nonsense for far too long. No real growth will happen until problems are faced and pain is inflicted.
That's been their playbook for the past 3+ years and what has it gotten us? A sideways market that's heading back down (as the previous dose of stimulants wears off).
The really fascinating part of this ordeal is watching those who hold a naive/mechanistic view of the Quantity Theory of Money (including BB) try to reconcile its predictions to the world we see around us.
If money were all that mattered, we'd never need to be poor nor suffer from business cycles.
The printing press is the last stop before the abyss, unless you believe that painful sanity is about to break out. The press is holding back the implosion, and it will be run as necessary. Of course it didn't work - it can't work - it isn't presumed to be an actual solution. It is more akin to applying direct pressure to an open femoral artery, while simultaneously administering Coumadin to the patient.
Greece should pay off their debt with a tariff on German imports. HAHAHAHAA!!!
a tariff of German Products??? So the Greeks pay off the debt anyway..Just moving the chairs on the Titanic..Nice TWIST!
For a better world, greece should leave the euro and the fascist U.S.A should leave the planet.
FMB, I can't say that your descriptor is wrong, sadly enough. We are edging ever more in that direction. Its hard to believe what has happened (or allowed to happen) to this country. Our greatness was in our ideals and principles, until the robber barons of Europe and homegrown ones here have *almost* entirely usurped it. There is still hope. Words like these remind me of that:
"...The world will little note, nor long remember what we say here, but it can never forget what they did here. It is for us the living, rather, to be dedicated here to the unfinished work which they who fought here have thus far so nobly advanced. It is rather for us to be here dedicated to the great task remaining before us -- that from these honored dead we take increased devotion to that cause for which they gave the last full measure of devotion -- that we here highly resolve that these dead shall not have died in vain -- that this nation, under God, shall have a new birth of freedom -- and that government of the people, by the people, for the people, shall not perish from the earth."
As H. L. Mencken pointed out long ago, the Gettysburg Address is possibly the most mendacious political speech ever made. The army that was fighting for political self-determination was the CONFEDERATE army. The Union army was fighting to PREVENT political self-determination of the seceding states.
Yes, I know the South had slavery, and that was indefensible. But just about everywhere else in the world, slavery was ended WITHOUT slaughtering a sizable percentage of the inhabitants of the country. I'm pretty sure that would have happened here too, and without starting the road to tyranny that Lincoln put us firmly on.
Remember the other things that Lincoln did:
First income tax;
First unbacked paper money;
Suspension of habeas corpus;
Arresting dissenting journalists and legislators;
and too many other offenses against the people of the USA to list.
Weekend Report http://thethoughtfultrader.blogspot.com/
Don Walonchuck market timer extraordinaire back in the days said this evening that the parabolic rise in gold and silver is broken and that he can't rule out sub $300 dollar gold going forward.. I'm still trying to figure out if he bullshitting or maybe went off his meds.. not sure yet.
don't hate bitches !
Bring it on, man! I will back up the truck @ $300!
I suspect he means over the coming decade and I'm not seeing it myself but back in the days he was king of timer digest for many years.
Who the fuck is Don Walonchuck?
$300? That's just beyond stupid.
Apparently, a shoe salesman in Roseville, Michigan. I kid you not!
http://www.wolanchuk.com/iimedia.htm
"Excuse me, Don, but could I see that in a size 13?"
Worse still he is a follower of Eliot Wave TheoryTM.
Maybe he forgot to add the "K" $300K? The Bernak is a printer, when this goes boom (and it will), Zimbabwe will look like amateurs.
As Marc Faber said in another interview, "The Federal Reserve devalued the dollar 97% in just under 100 years, the next 97% devaluation won't take as long."
Who's Don? He was knocking the ball out of the park before 90% of the commenters in here were pissing yellow but I'm not saying I agree with him though I did hedge my pm horde and road this collapse down.. not sure when I'll cover yet.
Here's a little about Don for all you young bucks out there:
Since 1989, Don has received Timer Digest's top awards seventeen times. These awards include Stock, Bond, and Gold Timer of the Year, as well as Long Term (covering two years) and Market Timer of the Year. In fact, Don Wolanchuk has completely dominated the awards over the last number of years earning Timer Digest Timer of the Year awards in various categories in 1989, 1990, 1991, 1993, 1995, 1996,1997,1998,1999, and up to Oct. 30th 2000.
I'm curious how many "traders" in this forum could win this award just once in your lifetime let alone bury the competition for nearly a decade straight.
good luck and don't hate bitches !
What has he done in the last ELEVEN years?
He missed the run up in gold for one thing.
300 BANCORS maybe, or 300 SDR Dollars
300 USD2s???
lol
300 Spambucks.
300 BitCoins? Seems about the going rate right now...
https://mtgox.com/?gclid=CIeLncXRt6sCFcWFpAodMyJTdg
@scatterbrains
In a world with another 30% real estate declines, failing sovereigns and failing TBTF banks, I could see that. Gold would be $300 but mogas would be back under a buck. Deflation brings a low tide to all boats.
If gold drops to $300, a loaf of bread will be a dime and a new auto will be six hundred bucks...
Relativity will remain if we have a severe deflationary invironment.
Oh, and a dime will be hard to come by.
And oil would be under a dollar. What are the odds of that?
Actually he's calling for $10 oil so I guess in that sense your close :P
Actual prices in 1934 ...
Average Cost of new house ... $5,970.00
Average wages per year ... $1,600.00
One gallon of Gas ... 10 cents
Average Cost for house rent ... $20.00 per month
A loaf of Bread ... 8 cents
A LB of Hamburger Meat ... 12 cents
Studebaker Truck ... $625.00
Arrow Men's Shirt ... $2.50
16 ounce T-Bone Steak ... 22 cents
And GOLD was coinage - a $20 gold coin was worth $20 of stuff
One Silver Dollar would purchase a pretty fine meal and a beer.
A little over 75 years ago - three generations - NO ONE remembers today.
Just wow.
Technically in 1934 gold was NOT coinage.
Rosenvelt stoled the sheoples gold and gave them paper in 1933.
In 1934 a $20 gold coin was worth $34 worth of stuff.
Now it is worth $1567 (approx) worth of stuff.
I'm hoping for deflation. It would finally reward the prudent and innocent saver instead of the dead beats out there.
It is a friend to all except the theiving banksters.
Don't bet on deflation, it's not in our government's best interest, plus the past 100 years of monetary history is against you. Ron Paul gets elected and ends the FED and restores sound money, then you have a chance.
LOL...failling sovereigns but the FRN will sail right through when its issuing bank is loaded with shit mortgages and CDO squareds?
Default doesn't increase the value of a currency when that currency's worth depends upon the sanctity of the debts underlying it.
People still think the FRN is backed up by the Fed's gold or some other shit...it AIN'T. It's backed up by promises to pay!
Two most recent sovereign defaults resulted in a sharp currency devaluation of 50-70% due to the capital flight. No, but this time it will be different 0_0
The parabolic part might be over with for the time being, but the bullish trend certainly is not.
We can certainly agree there. The channel had been severely broken to the upside without a corresponding event to warrant it. This is actually good and long term healthy considering the liquidations and margin calls involved. If you are into accumulating bullion, that is. Karnak Don the Market Timer may actually be right at some point - about paper gold.
I believe we are just as likely to see $300/oz. gold as we are to see $1.00/gal. gasoline. Highly unlikely that we will see a deflation that severe. And even if we did it would likely be short-lived.
LOL...do you guys get what would happen if gasoline were $1/gal against ZIRP? Someone would borrow and buy the whole damned year's supply.
1.00 gas is not deflationary but inflationary as its a tax cut of monumental proportions
If you Google Don Walonchuck all you get is the phrase out of ZH mentioning him becuse I spelled his mane wrong. Sp if you wnat to fuck with somebody's head, tell them you're Don Walonchuck.
Like sigh all those fucking petitions people are starting to circulate in from of the Piggly Wigglys to get Newt Gingrich elected to God or some such shit. See, ya sign his name, Don Walonchuck and make his address 123 Soap Street. Then when the petition gets reviewed, they find another Fraudulent signature and it gets trashed.
Long live mayhem
Fraudulent signatures get crossed off one at a time. If you could somehow victimize a petition circulator so that their validity percentage sustains below 80%, then at least you could get the circulator's salary docked. Otherwise, a sufficiently funded petition drive...
"Do you hear that, Mr Anderson? That is the sound of inevitability."
Marc Faber definitely follows this site. Could have been a coincidence, but I sent him an email on an article on this site, and his monthly report was very close to what was being discussed in ZH during that month.
Marc Faber is Tyler's dad
or maybe his daddy
LOL! Faber and Jim Rogers are the best followed by Jim Grant and James Chanos. The rest are all liars.
"The rest are all liars."
With a sprinkling of fools mixed in...
Faber, Rogers and I would add Peter Schiff.
Sorry, Schiff is an amateur compared to Faber and Rogers.
Faber will actually give you price targets and short-term investment strategies, rather Schiff just says the world will end tomorrow. Definitely an amateur compared to legends like Faber and Rogers.
I'll add Jim Rickards. Brilliant speech from last December on 'Economics and National Security'. As a tangent, I thought it was interesting that "Unified Quest 2011" would include domestic unrest suppression training.
http://vimeo.com/18160394
Everyone follows this site, who wouldn't?
uh....politicians.
I would bet you that if not the politicians themselves [after all this is a group of people who are proud to pass bills they haven't read] then their staffers do.
we only include people with a conscious working brain in the counting, politicians obviously aren't in the reckoning
lady Gaga...she doesn't like competition from bank runs.
Drachma backed by gold is the answer.
Perhaps the PIIGS are going to purchase PM's knowing the Inkjets are being warmed up.
i have more gold then Greece...lol, good luck backing drachma with it, the troika will have already moved any gold that was left out long ago
So as far as this week end goes, I'm thinking it's still all about Germany and what they want to do.
Perhaps the US, China, Japan, UK will each throw in just enough money to convince Germany to play ball one more inning. Some EuroTARP crap.
Then a deal will still have to be done with Greece.
I seriously doubt they nail down a deal before Sunday night. They'll save that for later.
If Germany says screw it and decides to save their own banks and it's "every man for himself", then it's on!
I have no idea whatsoever for those odds....
Thoughts?
@Mutatto
It doesn't matter. Nothing can stop the financial reset that is most assuredly upon us. Prepare accordingly.
I absolutely agree with you.
Same old crap. Another day. Hopefully no more retards are fantacizng about buying 100 acres for an ounce of silver. Then again may be able to do that. If every psycho illuminati fuck decides to nuke the living hell out of the planet. And you're the only motherfucker left above ground with a silver eagle. You can buy whatever you fucking want with it then.
Don't badmouth others just because you got suckered into investing in fiat paper instead of real assets. It was a tempting offer. I realize that. And hey, everyone was doing it. Seemed like a good idea at the time.
After all, why bother reading history books on economics when you can just look at a number on a bank statement and think you're saving the fruits of your labor.
They make it so easy. It's not your fault in the way that the fat guy sitting at McDonald's is an innocent victim himself.
.......It's not your fault in the way that the fat guy sitting at McDonald's is an innocent victim himself
God damn that's funny!!!!
It sounds like you made that easy for the libtards to understand.
Buy some more paper. It's not your fault!!!! Lololololol!!!!!!
Smoke another one, malaka!
Wolanchuk has no credibility.
Every year he screeches "Dow to the moon!"
That's rich, you calling anyone else out on credibility. Bitch, please!
just think how bad he is if even robo calls him out lol
I don't like Faber.
I don't like the accent.
I don't like the message.
BUT....
if you ignore him, you do so at your own fucking peril.
E2thex,
How can you not like someone who said.
"Being bisexual doubles your chances of getting a date on Saturday night?"
If you're as ugly as some, not necessarily pointing my finger, its doubles your chances of getting snubbed too...
You opinion of his accent might be justified if you weren't articulating in your native language.
Faber would be a great drinking buddy although we would have to argue about something other than they will print, print, print.
I look at it that "they" HAVE to print in order to sustain growth in government spending. The other side of the coin is the arrogance that exists in the higher eschelons of government finance. I imagine at the end of every important meeting some public sector economist/strategist says, "What are "they" going to do about it!
It is this type of arrogance that has led me to believe that Europe will align with China against the U.S. at some point. I think that economic policy makers in the U.S. are trying to use WRC status to squeeze both China and Europe with the, "What are they going to do about it" attitude.
"The other side of the coin is the arrogance that exists in the higher eschelons of government finance."
You dissing Tiny Tim? ...join the cue, it stretches right around the planet
In the larger picture, I disagree with Marc that we should be congratulating the Fed or any other clowns in DC or Euro land.
Because they're dicusssing the fate of paper while Rome burns. They're ignoring the real economy of each country. They mistakenly believe that if they save the paper everything will be fine. But it won't. And the risks to the stability of the whole system keep rising because the problems are unadressed.
These will be increasingly hollow victories.
policy makers don't believe everything either will be fine or is fine. nor have they said that as well.
Most of the western world consumer has exceeded their borrowing capacity. As they attempt to work done their debt load, the FED gooses the commodities with hot money, offsetting the beneficial effects of debt reduction.
Meanwhile, as a result of 30 years of Asian currency manipulation which occurred with the full approval of all western bankers, Central Banks, governments, and academics, all for cheap prices for "things", we shipped to them some 18 million or so manufacturing jobs, of which maybe 50% should have been there legitimately. The high multiplier effect with these manufacturing jobs are now gone.
The only way to turn this thing around, is to get back the mfg. jobs any way we can, and break up the big banks so as to discourage the debt gods from enticing the population into further debt slavery.
He's staying in Gold, so he doesn't have much faith in paper...In general, Marc makes great short term calls...
i always get this guy confused with mebane faber
ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ
Another 'investor' talking his book instead of giving insight. Yawn.
http://www.youtube.com/watch?v=fPUMlQRYBD8
Lol ...what we need is ...wait for it ...wait for it ...Hot Tub Time Machine. http://www.telegraph.co.uk/science/science-news/8783011/Speed-of-light-broken-at-CERN-scientists-claim.html QuEternity ...Bitchez.
http://www.youtube.com/watch?v=oRylHbEgmgg
Yeah, but you know, if it's a good hot-tub, who really cares which direction in time you're going?
...you have just described the (good/perfect) Baptismal Water of Eternal Life by our Father in Christ.
http://www.youtube.com/watch?v=OdsSqBM8vCU
the banks are the government. telling "them" to default is just like telling Hitler to invade Yugoslavia. BAD IDEA. Dodd-Frank? GOOD IDEA. Now we will see how the Europeans "are dealt with" when dealing with a full fledged deflationary collapse. Needless to say they have never been capable of a Dodd-Frank in the first place. The USA i must say is very fortunate to have such a piece of legislation--in the "orderly unwind" sense of the term of course. Welcome to "Lehman Brothers" writ large.
This entire financial system is broke
$ 1000 trillion WMD's sitting at Fraud Street which can destroy the entire planet
FED+ECB+BOE+BOJ+WH+IMF+WB etc. etc. put together can't solve this problem
They have the capacity to postpone little further but not indefinitely
David advices only one thing and World will listen to David = Go back to stone age and re-start please
Thank you
David
on a more serious note : What the world needs now is love, love of life. Not love of money but love of sharing the pain equitably of this past ponzi and its toxic fall-out. Or we will all go down the drain. Right now its Oligarchical ramp up of speculative pain, of greed is good. Its the opposite of love of human survival. I know there are huge problems. Like demographics and resource constraints.
All the more reason to be reasonable and loving of the essential. And the essential is not dog eat dog economic Darwinism. Don't lose it all for ephemeral fiat fortunes. Its not however the mood of the times and it looks like we will stay in clash of civilizations, albeit in financial and economic terms, around the sacred oil patch, world lode-stone. Denying in the process fundamental human rights to categories of people treated like sub-humans...
Is this the best we can do? We know for sure it could get much worse.
To use the tub analogy, imagine an Archimedes, finding the miracle solution, shouting Eureka! Would he be heard? I doubt it. Such is the deafening roar of immediate destructive play. Rome must burn...
And for those who don't have a love of life, I say kill em all!
HULK SMASH!!
Euthanasia, The Nobel Choice
This is another buying oportunity in the PM's. One I honestly did not think would occur again. Especially in Silver. This drop should lead to short covering by the big banks JPM and lots of physical buying.
I do not know what good all these speculators with futures positions are good for. They trade contracts, jack the price of the metals up and then way down but never take delivery even when they trade at huge mutiples of the physical supply. So what good are these comex contracts when they just get settled out in paper.
This latest sell off should create a surge in physical buying. I think that is what everyone needs to keep an eye on.
Prices for stocks on the stock market are a totally speculative illusionary game, otherwise stocks would be priced simply on the revenues, earniings, and most importantly-dividends, paid to shareholders as the company improves sales and earnings. Gold and silver, once it works off the paper speculation, probably no lower than 1450, will continue higher. It doesn't need to pay a dividend ; it iis its own dividend in itself. Stocks will continue to be illusionary, but eventually reach a lower sentiment illuisionary state when dividends equal PEs on the industrials.
My local coin guy said he sold 100,000 worth of metal yesterday. He wouldnt part with his 1 oz silver eagles until I offered him a 6 over spot premium.
You should try and create buying pools, so that you can purchase fron Tulving. Then you could avoid getting raped over spot...
Anyone who continually predicts "the end of the Dollar," charges USD's for his newsletters and then smoothly makes a 180 in this USD call, I take with a LARGE grain of salt.
Marc has "charlatan" written all over him! He's a windvane.
That's the problem with this whole "goldbug" cult! Everybody keeps on posting all kinds of stories to reinforce the idea that they are right, ignoring how they are misguided by people who consistently contradict themselves. The same goes for Jim "-worst market timer-" Rogers, the TFMetalsreport, or MrSilverGoldSilver and his talking bears.
When things don't go as planned, well, then there's always some good old conspiracy theory about "evil empires"and the "JP Morgue."
I own some physical gold and silver (bought in 2008-2010), but won't buy anymore unless there is a serious drop to say 2009 levels.
Yeah you're right they should charge fuckin' gold nuggets for their newsletter.
Dr Faber combines macro understanding with accurate timing...he called the lows of March 2009; he called this USD rally; he called a correction in gold...all with a sense of humor. wtf do you want?