The Economics of the Coming Crash - Freedomain Radio Interviews Dr Marc Faber

[1977Melville]

I'd put Stefan up there with George Noory and Eric King of KingWorldNews.

[ostralopithicus]

Faber is awesome!

[militantmindset]

very informative, thanks for your time keep up the good work

[attorneydestroyusa]

will califruadia be the first to deputize the all gov workers?

[Motoicon]

Ive seen dozens of interviews with Dr. Faber and even though this is nearly 4 months old, this is by far the very best one due in most part from your insightful questions and commentary. I loved ur comment about people viewing gold/silver as trying to buy a big bag of crack cocaine cos Ive experienced it. Its too bad men like Dr. Faber are not economic advisors to our government.

[stefbot]

@Motoicon thanks so much!

[alistairproductions]

@Motoicon More like, it's too bad we have a government

[ulysseinvest]

Stefan,

Foreign (Japanese, etc) governments are simply trying to kick the can down the road in an attempt to avoid having their own society face global "restructuring" (i.e. people making cars forced out of their industries into different sectors, etc) and as a result do not be surprised if they all (foreign countries) push the current game up until all the way to the very end...

Anyway, keep up the good work,

Ulysse

[wraft]

I'm inclined to believe that the Austrian school is mostly BS because it dogmatically rejects mathematic models, and mathematics generally. It is a neo-classical off-branch which is incapable of predicting outcomes because there is no awareness of dynamics - see Steve Keen for a critique of neo-classical economics.

[violetta3333]

@wraft It sounds like you didnt really give the school a good chance; otherwise you wouldnt be saying what you said. May I suggest, try the work of its founders or their followers e.g. Hayek (in addition to listening to Steve Keen and Silvio Gesell who, like some of Keens critiques said, are frequently idealogically motivated), and then you will be able to understand why they dont need to use so much maths. My apologies in advance if you have already done that but still hold the same view.

[violetta3333]

@wraft ...Having said that, there has been empirical work done and mathematical models used trying to support their theories, and you can find them on the internet. And you are very wrong about them not predicting future outcomes.

[CurtHowland]

@wraft "incapable of predicting outcomes" . This surprises me very much. . It was only the Austrian school which identified the Tech bubble, the housing bubble, the oil bubble, and predicted exactly the result of the "stimulus" that we have seen happen: Squat. . What predictions do you want that you're not seeing? . On thinking about it, what you won't get is "increasing x by 30 will increase/decrease y by 20", because such models just don't work. . Look up "Long Term Capital Management"

[Lockemeister]

A must watch and listen video

[Danster82]

Its not the people of Greece and its not Greece its simply the financial powers in the government of Greece in conjunction with the Banks working it so they can get maximum control and profit.

No government will never default on debt by will, the default will happen by default where no choice was made it simply was realised when the money became too debased or alternative economy's sprung up.

All debating about governments trying to do this and that is all just pantomime

[Danster82]

I dont subscribe to the idea that a government could be so stupid as to think it couldnt print its own money interest free, therefore it doesnt think like a person in that it can default and "get away with it" its deliberately borrowing money from private corporations because the same people who benefit from government borrowing are also in the government they are one and the same, so they dont want to get away with anything because they profit from having the debt paid.

[Eldeecue]

I make it a point to not believe any would be chicken-little unless they have the balls to name a semi specific date (a month and year...give or take three months even, I'm not a nazi) to be the deadline for whatever apocalypse it is they're predicting.

If not....they're probably full of shit.

If their apocalypse hasn't come by this deadline...they have to ...say...shove a broomstick up their ass and dance around saying "I'm a stupid fag who doesn't know shit!" for an hour.

Unreasonable?

[bizwiz21]

Wonderful job!!

[a7nwee]

Brilliant interview!

[haggsbo]

another good one man

[marcdaddy33]

great interview, stef

[StrafingMoose]

Awesome interview Stef. I looked up other video of Marc, that I didn't know previously, and he's a very interesting guest/commentator. Him and Jim Rodgers both got this East Asian stocks thing going, looks good.

[Powerkicker]

It must be awful to have to look relaxed in a video closeup for 43 minutes...

[twistedbydsign99]

I wonder when he says "people" misunderstand keynes, if he includes hayek in that group.

[TruthCracker]

ITs a long one, its all 100% quality. The content is right on.

[jackooboy1]

Dr. Faber rocks.

[Ericson578]

another great interview, thanks Stefan!

[truevoice08]

Stef, do you have any plans of interviewing Jim Rogers next? That would be so awesome!

[LeksServices]

Wonderful interview, and very informative! I honestly can't say I believe that "government" or "statism" is the problem. The problem is ... PEOPLE! We have just too damned many greedy selfish people who know how to get away this all kinds of shit. There's a term for it from my dungeons and dragons days, I think. What was that? Oh! That's right! "Lawful Evil!" They are evil, but they don't break the rules, so "nobody can ever do anything about it." -.-

[subjer0]

@LeksServices

I say it's money. Whoever controls the supply of money, controls the nation. The name of the game is called, enslavement through debt. Money has always been used by powerful people, usually bankers, to take power from the many(money), and give it to the few, them.

[LeksServices]

No ... It's people. Specifically, politics. There is no such thing as a "bad government model." But there is "bad politics." And "bad politics" happens no matter what you try to do to eliminate it. Therein lies the problem with all "progressive" government models.

All government models look good on paper - even feudalism! - but in practice, those politics will stab you in the back every time!

People making bad choices is what it boils down to. In this case, the only difference is scale.

[subjer0]

Dude....really do research on what is money, who creates it, and who controls it. Did you know that government doesn't create or control the money supply? It's the central bankers that do, like the IMF and The Fed. Humans are the only animals on earth that require money to survive, everyone, including government. That is how society is controlled, through money.

If the state and its politicians refuse to go along with the IMF, guess what? No money. Society collapses without money.

[subjer0]

You say it's greedy selfish people that is the problem, what controls that greed? What abstract social power that makes people greedy?? MONEY.

Think about it, if there was no such thing as money, would people be so greedy? Remember now, money doesn't exist in nature, only by law.

Money is credit/debt, but more importantly, it's an abstract social power, aka

[sedatedlife18]

cont... Once a person has experienced these luxuries they will do everything in their power to protect them. It is not the money itself that is the problem, but the corrupting affects of wealth and luxury. However, without these things we would not have as free of a market as we enjoy. Without wealth and luxury for some all would be equal, thus problems inherent in that system would occur. The point I'm trying to make is that we, humans, have not realized the ideal system yet.

[TheCapitalistdog]

I think you're watching too much Zeitgeist.

Money is not the root of all evil, it is merely a medium of exchange. Money itself is not debt, FIAT money as we know it today, is debt. Money is supposed to represent real wealth, not paper enforced by the state.

Arguing the concept of money is the root of all evil, tells me that someone has probably taking the Zeitgeist movies too seriously.

The root of all evil is the legitimization and legalization of violence. The State.

[Clichyabarbes22]

As a former Christian it's my understanding that the Bible quote, from the book of Timothy is - the 'love' of money is the root of all evil. Inserting the word, love puts quite a different twist on the expression. An easy google.

[dharmashooter]

@TheCapitalistdog Money is NOT 'merely' a medium of exchange. That is the big lie. Money as used in a money system is a system of CONTROL. It is the carrot and the stick used to manipulate and manage a society of slaves. A money system cannot exist without the state and the state can't exist without a money system. They are one and the same thing.

[dharmashooter]

@TheCapitalistdog Runny noses and colds are natural. Money is not natural but an invention. It is a technique used to facilitate the exchange of goods and services. But as with all techniques its introduction into society has unforseen and hidden consequences. It facilitates a command and control power structure that enslaves the individual. Whether it's backed by gold or not makes no difference. Armies and police are paid to do what they do.

[dharmashooter]

@dharmashooter and when I pay the police and military their wages I will be the one who tells individuals they cannot conduct business with each other on a voluntary basis! Get it?

[CurtHowland]

@dharmashooter "It facilitates a command and control power structure that enslaves the individual."

.

That's not a function of money, that's a function of taxation.

[dharmashooter]

@subjer0 You're right people wouldn't be so greedy. But without a money system you wouldn't have been able to post that comment.

[subjer0]

cont..POWER. Those who control a resource that society needs to survive, ARE THE REAL POWER.

Government and politicians are only a dog and pony show, the real people in power are the central bankers.

What's that saying, follow the money. Well follow the money and you'll find the greed behind any scam, well who creates and controls all of it???

[sedatedlife18]

The only problem with your "money is the problem" thesis is that tangible things, like commodities, are what brought about the invention of money. Human necessity is the invention of commodity, is the invention of money, is the invention of wealth, is the invention of excess, which is were the problem really begins to show itself. Money, in excess, will provide a person with luxuries unattainable to the common man.

[dharmashooter]

@subjer0 You've identified the problem well enough but I wonder what your solution is? Get rid of money altogether?

[StrafingMoose]

Government AND statism = people. Greedy, sociopathic people.

[LeksServices]

The good news for US Railroads is they're still private corporations. The bad news is other companies are seeking to strangle them again, because "they're old fashioned and unnecessary," this while many researchers have come to realize there's no way we can afford adequate road systems to replace the railroads.

[BlueSkies360]

Dear Marc! We want to see you live! May we send you an internet camera?

[johnTconover]

This is all a game of the greater fool, nothing more... And even if you believe the ponzi can continue to be fed, add peak oil to the mix and a collapse is assured... Invest only in tangible assets, my 2 cents anyway...

[davfritz]

Excelent, helpful interview!

[YouriCarma]

A generally agree with Peter Faber but can't understand why he keeps on putting feathers in Goldman Sachs ass? "One cannot blame Goldman Sachs for everything" Yes we can! (sounds like Obama lol) cause all the evidence of crime time and time again leads to Goldman Sachs.

[DreadLaw2]

YouriCarma: What "crime" did they commit? At least government actually commited a moral crime, even if they don't label it a crime in their legal system.

[YouriCarma]

Yee, DreadLaw don't think I have enough space here to describe all their crimes but just lets make a start. First the biggest crime against humanity this crises which they've designed with the trillions of derivatives "Weapons of mass financial destruction". Millions of people are dieing around the world because of their crimes. Their financial terrorists. The front running with high frequency trading steeling 100 millions a day from the economy. Completely illegal. The secutarizations which ..

[StrafingMoose]

Stealing ? So you mean the people who buy them their stocks and sell them their stocks at "high frequency" are forced to do so ?

[YouriCarma]

You don't understand. Educate yourself. They put a bid in front of their clients even their own in milliseconds for a better price. They steel yes, that's steeling. Look up what HFT is and Front Running.

[StrafingMoose]

@YouriCarma

I think I do understand. On the other hand, if you had such an outstanding understanding of the subject at hand, my question would be answered already. Alas, it is not. Obviously, if customers stay with a broker practicing front running, they are still making gains - otherwise, why stay ? Because GS will invest those front-running profits in other ventures to earn more revenue for their customers. I don't like GS, but not for the same reasons as you do.

[DreadLaw2]

@YouriCarma : Absolute gibberish... Everything your describe is a sympton of government. Blaming Goldman sachs for doing what they can to survive in the violent state is like blaming a welfare mum for being forced into poverty and then trying to eat still.

[YouriCarma]

Goldman Sachs will rape and pillage you fluorheads. By the time you find out it's to late ahahaahahahahah! I just sit back and enjoy your ignorance and watch you fall in the episode "The Fall of Rome"

[YouriCarma]

Read: America—A Country of Serfs Ruled By Oligarchs by Paul Craig Roberts. You are an ignorant serve. Your a slave of the system kissing the bud of Goldman Sachs. You deserve to die poor and so you will.

[DreadLaw2]

@YouriCarma: LMAO! This is honestly the finniest thing I have read this century. Let me understand correctly, I am a "serf" because I oppose government (You know.. the institution that upholds serfdom) but don't believe we should use bcome slaves to a violent organisation that uses violence against and on behalf of an organisation you think si the problem? Yeah... why blame the violence, when you can blame some guys and their private property. You deserve to live free.. like us all.

[DreadLaw2]

@YouriCarma: Oh, and for the record, you completely missed the point of that book. Paul Roberts agrees entirely with me, that the problem is the violent power of the state. Try reading the book yourself.

[StrafingMoose]

Yes, I will read a guy that got involved with Reaganomics and still stands by it and believe he is credible and drink his words. You'd think an ex-bureaucrat would blame the market much more than government...

[Voy2378]

Faber is awesome... It's great to see a 40 min interview.

[TheAtheistPaladin]

What you need to do is interview Keynesian economist that is from Austria. That would be funny.

[hamletundone]

kudoos

[enotdetcelfer]

Great interview.

[emmazedbend]

thanks Stef a really useful and illuminating interview thanks to your questions.

[bobby4lee]

Marc Faber rocks. Great job with interview Stef.

[Nickelodeon2002]

Thank you greatly Stef! You have fantastic interviewing skills. You ask a good question and then remain silent so that he can speak fully. That's so rare these days.

[boysdontcry17]

Brilliant interview stef, thanks alot!

[TeslaGenius]

very good articulate and professionally done interview

thank you !

[truthislibertyus]

Great to hear from the good Doctor!

[lisajason111]

i guess after this interview marc has nothing more to say

[newperve]

Robert Peel who invented the cops? Is that the same guy?

[wrathofgod86668]

Correct.

[pretorious700]

Way too much face in this vid, but informative.

[pretorious700]

Faber lives in Chiang Mai here in Thailand, so he knows a good thing when he sees it.

[oxfile]

Nice, I've been there. Why does he live in Thailand?

[pretorious700]

I know why I do-food's excellent, women are beautiful, and the government leaves you the fuck alone.

[oxfile]

Lol, I agree with the first two but if "the government leaves you the fuck alone" is correct I'll start thinking about moving too.

[residentzombie]

Thailand does want productive people moving into their country though. No free loaders allowed in Thailand. I think citizenship is not easy to get in Thailand either.

[fergus247]

wow stef, mr faber himself

[joshv89]

Wow you got Mark Faber on good stuff

[prodigy00073]

You should give us some stock tips Steph lol

[dsturch]

Great Interview Stef. Thanks for arranging this. Faber is a wise, rational man who doesn't get caught up in playing on people's emotions such as an Alex Jones or a Gerald Celente and always look forward to his interviews.

[uranian23]

Kitco ship gold coins to Canada. With a potential fiat collapse in the cards, my take has been to go down the physical gold route, in my own possession. Granted there's more leverage to the gold price with miner shares, but there's a deal more risk, too.

[freesk8]

Thanks! :)

[savvysymbiont]

Stephbot...any views on a government's balance of payments responsibility and the ability to use reserve dollars to invest overseas? I ask this because there are several econ profs from Columbia I follow who are claiming that China cannot use its 3 trillion in US reserve currency to invest overseas projects due to balance sheet responsibilities.

[andyissemicool]

Wow, how did you get Arnold Schwarzenegger's son on your show, Stef?

[45a14]

@andyissemicool BAW HA HA HA!

[Adrian101882]

I almost coughed up a lung when I read this. lol

[return135]

whoa Marc Faber! Nice Interview!

[69elpresidente]

big screen