I absolutely agree. Schiff made a great call 2 years ago. This market is going much lower. Actually, I see NO SUPPORT whatsoever....just total panic.
In the example scenario you presented, you are talking about fungibility with gold, which is a limited resource. Paper money is not a limited resource, nor is electronic credit. I still do not see how paper money could ever be deemed more "real" than a purely electronic balance in my bank account. They are one and the same.
Oh yea? What funds does he manage? What are his returns YTD? "In June 1990, he set up his own business, MARC FABER LIMITED which acts as an investment advisor and fund manager." "He is also associated with a variety of funds [...]" The typical biographic lingo for somebody that primarily earns his money giving speeches and selling newsletters rather than trading.
Makloda, how long can one gain respect based on the effective and publicly known trading performances? Are you as good as your last trade or do you gain some status that can stand the test of time? Didnt Jim Rogers made 7000% when he teamed up with Soros? But no that's irrelevant these days and now Jimmy is a clown cause he was bearish on the $! Jeez, how could he have missed that. And besides, it was mostly Soros that earned all the money. The same Soros that bought more then $800 million worth of Petrobas stock when oil was at $120. So I guess he is not worthy of his guru status as well. Tough job these guys have.