The shift in the mindset of the American people over these last decades - from frugality to reckless spending - can be attributed to a very wide variety of reasons. I wouldnt go so far and claim the FED nor Washington feature in none of them. Anyway, Faber's view and that of the economic school he follows on how to achieve prosperity the best for most is well known so his disdain towards the FED shouldnt come as a suprise to anyone as both are complete opposites really.
The 2000-2008 era. It's pretty much responsible for everything wrong past and present, including the collapse of the Roman Empire and the rise of Hitler. Obama could say this at one one of his rallies and at least half the mindless crowd would still be cheering and yelling "yes we can!" But at least that's down from 75% of the crowd if he said it 6 months ago.
I graduated from college with a degree in finance and found out that I didn't have a clue about the economy until I started reading blogs about 3 years after I graduated. The consumers are partially culpable, but they were also fed lies and misinformation and had their decisions willfully manipulated and now find themselves in a situation where they are debt slaves to China and certain banks. Even the financial geniuses from the Ivy League didn't see this coming (unless they're part of some conspiracy to strip all the value from the country) so I don't really place a lot of the blame the average for not grasping this in time.
How gracious of Danny Glover to blame the Haiti earthquake on America's Energy Abuse rather than Bush, directly... (If Bush was a "turd president", then Obama must be a STEAMING PILE!!)
America's demise started with the rise of the evangelical nut-wing. The relationship is highly correlated. There hasn't been one republican administration that did not embroil us in a quagmire. Borrow, spend, wage war, give away public wealth to their private campaign donors. That's all the imbeciles are good for. Not saying the democrats are any better. But history shows the party-of-no is worse. By many magnitudes.
Well, that is probably the worst insult a President could be given. Obama deserves it. However, Faber's view that Glass-Steagall should not be repealed is wrong.
In his latest newsletter he called Obama a third rate version of juan peron. I don't really like such kind of personal attacks really. Faber is smart enough to realize the restrictions of what one person even in a high function can do.
IMO a lot of the blame should be directed at our parents. The parents that raised the children born in the 60s-80s are the ones to take a hard look in the mirror. Did they teach their kids enough about the value of education, entrepreneurship, hard work, personal financial planning and frugality? It appears to me Europe and the US are today full of a middle class that a) has very little understanding of how middle-class life was e.g. in the 50s, yet they want to live like the rap stars on MTV Cribs do b) have the economic literacy of five year olds Who's to blame for that? Bernanke? Or the post-hippie parents who proudly told their neighbors in the 1970s "Oh my kids, I want them to provide them with all luxuries I never had in my life!!! And I don't want them to feel any pressure and stress as they grow up!!!!"
What a lame statement. Don't you think Obama COULD promote policies which are better for the USA rather than to attempt shoving his Progressive Left agenda down our throats? Obama should be held accountable for this... and in the most severe manner.