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"is there anything you could tell me that could possibly derail your incredibly pessimistic scenario?" Faber says..."ahhh...no!" LOL I'm not laughing at him, I just found that funny.
He makes some great arguments. But he fails to account for the great flexibility of the American economic system, and flexible labor markets. Typically in these downturns, the seeds are sown for startups that create the next wave of innovation. Another technological revolution in the US would attract foreign capital again, and all these scenarios would be moot.
what i got to wait another 5-10 years for collapse? What the hell am i gonna do with all this canned beans I stocked up on? If the system doesn't collapse now its not happening in 10 years The problem with Austrian economic followers including myself is we hate the corruption of the central banking system but we underestimate its ability to keep going and going. I think you need to always fall back on the Golden rule of Wallstreet, never bet against the Fed. Updated for 2009 never bet against the Fed and Goldman Sachs.
The rabbit in the hat. I remember reading about a science lab that had flies pooping oil. A couple of hundred fly farms could suply the entire US of it's fossil fuel use. Haven't heard from those guys in a while though. I wonder what they are up to.
He also fails to take into account that the US can 'default' in its unfunded liabilities without being a official default. Anyone who is above average in income and thinks they will get full SS, medicaid, medicare benefits is delusional. Inflation can also deal with some of the burden, not german inflation levels but a 70's type period. Furthermore taxes will go up on net. Slow growth and bad fundamentals for investment will happen for sure but hyperinflation can and will be avoided
lol - that was my thought exactly. that thing is hideous. najarian's too. i repsected both of them until i saw those hideous things. you are bald - it is over. shave it.. get over it and move on...