Marc Faber Lateline Business Interview, August 26, 2009

[D33Lux]

"Last time we spoke 5 months ago you said I should buy a farm and a gun, because things are going to get very bad and I assume that because I should become self sufficient."

"Now you need a machine gun" - Marc Faber

[theslimeylimey]

"Is there anything that could possibly derail your pessimistic scenario?"

Faber- errrr no LOL

[jezza1789]

Marc faber is a smart man he know with the govermen bailouts banks stocks would rise. What im wondering is does ben bernake know his bailouts failed like first Bush bailout, and Obamas bigger bailout does he really think for the first time ever goverments can intefere with the markets and suceed or is he just procasinating I wonder what he really thinks

[UrielWN]

@wolfgang0070 US government drives globalization

[UrielWN]

This credit driven system fully supported and triggered by globalization is phony and the system will collapse eventually.

There is no way it can continue, no way .. This is what Marc Faber talks about.

No sociery can survice without producing, no society can survive if it does not produce competitve products. Federal Reserve destroyed US, ECB will destroy Europe they are all money printers at the behest of the same masters. It is going to end badly .. Very badly

[pniemczyk]

I love watching his videos - he's a total riot, esp with his perpetual jabs at Bernanke. However, we should all remember that he's named "Dr. doom" for a reason. He describes an event that is likely, but not probable. Thus, his prognostications may or may not be right.

[bonfirejovi]

@pniemczyk He was pretty definite that there will be a debt crisis within 5 to 10 years.

[KLguy133]

This is the best Faber I have seen for sometime.

' Trust in the US gov ' ? HOHOHOHO!

Classic.

[justicelevi]

Goldhitting 1000 USD an oz...why did i notlisten to this guy. i was hoping it would go down to 850. Hoping for a massive correction

[drpapa26]

Not gonna happen, as long as Bernanke keeps printing more dollars. But gold is still relatively cheap, considering how high it can go. In a few years, it could be at 3 or 4000 pr. oz.

Once the dollar collapses, gold prices will go to the stratosphere.

[saturn5100]

Marc Faber on non-U.S. television is better than Marc Faber on U.S. television. The non-U.S. interviewers give Marc a greater opportunity to speak his mind. This clip provides some classic Faber moments. The exchange from 8:12 to 8:19 is especially hilarious.

[arnoldsimage]

sys... short term 25-30 years? cmon... we are in serious shit here. this house of cards is going to fall this year or next. i've made my preparations.

[islandbajan]

Now you need A Machine Gun lolo

[arnoldsimage]

his time line is wrong. 5 or 10 years ,please.

[sysopkc]

Well its interesting you mention that because if you look into his history, faber HAS had alot of problems with timing. Do you feel he is mistaken? in long? or short? or will there be a crisis at all? What are your thoughts?

[conradjulian]

These "Austrian" economists like Faber, Schiff, Paul et al. are full of crap and are not far removed from Lyndon LaRouche, global warming obsessives and religious kooks who keep setting dates for the rapture. It's more likely that we'll see "reversion to the mean," where the economy muddles along without any collapse.

[mpolzkill]

Yeah, who ever heard of an Empire collapsing? I do recall though that famous religious kook, Ludwig von Mises declaring in 1920 the inevitable fall of Communism after a nightmarish period of mass forced labor. What a nut.

Try reading Marx's 10 planks and then compare them to what we're under. Doesn't take a ouija board to tell what will always happen in central planning; just the proper theory.

What is your evidence that we're likely to see a "regression toward the mean"? What is the mean?

[hyejoe]

There is no "mean" in America. The nation is 233 years old. In the thousands of years prior, every nation and human being that has gone too deeply in debt has not succeeded. Bankruptcy works within the American legal system, but bankruptcy among nations is not OK'd by a judge. It certainly is settled by war, as Dr. Faber says. For the record, I don't believe we will go bankrupt because I have faith Congress will say enough at some point. But if we take on enough debt, we can go bankrupt.

[sysopkc]

Joe, we are already operating in full deficit. We are bankrupt. The comp controller of the US has admitted it on camera. We are there, as to the consequence. Well, I honestly DONT know. But I fear its going to be grave in the short term (short term being 25 30 years)

[hyejoe]

Also, if Warren Buffett makes a warning that we can become a banana republic, you should take it seriously. He didn't use those words accidentally. All his writings are well thought out and edited by a third-party.

[sysopkc]

Absolutely, those are very metered words. Commercial traders are the same way, what you say, is very very serious.

[friedenmeister]

why do you say that?

[drflynn73]

IMO he's probably the smartest of the bears.

[ValiRossi]

5:18 is rich!! I love his laugh.

[FreedomIsSecurity]

man.. he is the man isnt he

[Truthtolder]

Faber is the THE MAN!!!!!

[kidjake33]

Faber is THE MAN!!!!