Discussion in 'Economics' started by ByLoSellHi, Sep 23, 2009.
to keep up with his sermons.
Without a revolution, of course he's right.
I was hoping it would take 40 years, so I wouldn't be here to see it.
Faber: Fed Will Destroy Dollar, Buy Gold
Wednesday, September 23, 2009 9:38 AM
By: Julie Crawshaw Article Font Size
Investing guru Marc Faber advises investors to switch off Ben Bernanke, ignore his government-sponsored "We will keep inflation in check" line and be sure to buy gold to protect yourself.
Government is there to do something for itself, not for people, he observes.
Faber says the government will have no choice but to print money like crazy and soon.
He points out the huge existing debt and the financial crunch that's coming by 2018 when more retiring Baby Boomers make demands on Social Security and Medicare,
Don't buy bonds or keep your money in cash, Faber counsels: Put money instead into things that will hold their value, like gold, preferably stored outside the U.S.
With a chairman like Mr. Bernanke, I would assume that cash will be worth zero, he says.
Gold has been a relatively stable commodity, unlike oil, which (last year) went from $147 to $32 a barrel.
I repeat what I have said in the past, Faber says.
No decent citizen should trust the Federal Reserve for one second. It's very important that everyone own some gold because the government will make the dollar useless.
President Barack Obama said that when it comes to declaring the recession over, he'll defer to Federal Reserve Chairman Ben Bernanke, The Wall Street Journal reports.
I'll leave that up to the Fed chairman to pronounce whether it's officially over or not, Obama told CNN.
What's absolutely clear is that the financial markets are working again.
Bernanke is a sad mistake of humanity
Allowing the central planning of interest rates and the printing of currency is the sad mistake of humanity.
If the Fed just follows the t-bill rate then the market is setting interest rates.
If we were truly a capitalistic economy... THIS is what we'd be doing.
1. Replace the Fed with a computer which increased the money supply by about 2% per year to keep pace with population growth... no gold standard necessary.
2. NOT manipulating interest rates, tax favors, nor money supply.... there would be NO bubbles.
3. NOT be deficit spending.
4. There would be NO inflation... no deflation either.
Bond and short term interest rates find their own level of supply and demand.
Look what we have... MANIPULATION OF THE MANY TO THE BENEFIT OF A FEW, BULLSHIT!
The USA government has failed right now. Barack Obama and his team are useless and they have no idea what is going on in the world.
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