Dr. Marc Faber (aka Dr. Doom) - Bloomberg Interview (February 06, 2009)

[Littlewhitelephant]

From 0:45 till 2:27 Dr. Marc Faber puts everything straight:

Letting the banks go bancrupt and paying out the depositors i understand as :

taking over and dealing with the correct contracts like receivables and deposits and assets

but closing and not dealing with the incorrect tricky contracts or assets.

[HousekaterClaudio]

She gives the impression of coming from porn film industry. Getting in touch with economics the first time... ;-)

[niTeDFS]

You would never hear such a critical comment in german TV !

[NWAsMostWanted]

the wealth of the US is not real wealth. The wealth is based mostly on credit and the banks wealth largely is created as well. The fractional reserve system of the banks create money out of thin air and lend it to the americans to go buy cars houses, etc. when you sign for a morgage all your promising is to pay back the bank money which never existed. Lets say you clear for a $ 100000 loan the bank just types 100000 into your account a there you have 100000 that has been created from nothing.

[dodanimal]

This interviewer is so stupid and totally annoying.

[ross3745]

Ya her and Sarah Palin should only be allowed to give blow jobs, cause thats all their good for!

[mmeister7]

If you belive in Keynes interpretation of the GD, sometimes recessions can be impossible to get out of because theres nothing to invest in. i dont agree with Faber that they should all be allowed go bankrupt but temporary/permanent nationalisation is a good middle ground response that unfortunately is being ignored

[connorculleton]

@mmeister7

I, for one, certainly do not agree with anything espoused by Keynes or his followers... If he was right the USSR would have out competed the USA, 1946 should have been the biggest depression in US history and we could all print ourselves into prosperity.

However, part nationalization would have been a politically viable option that although not perfect is a lot better than what we have now.

[mmeister7]

I don't think Keynes ever argued for communism Connor. IYou might want to you know, read his books, particularly his later ones first. Also printing money is monetarism. Keynes suggested countercyclical spending (save in good times, spend in bad). Borrowing and spending is fiscal policy which Keynes advocated and Milton Freeman didn't. Reading Keynes now and his writings from 60 years ago we see the genius of the fella. He predicted casino capitalism periodically led to bust of its own accord.

[connorculleton]

The logic of his argument advocated all of these things. Just have a listen to what Stiglitz, Krugman etc are calling for, bigger stimulus. If no one lends just print it up. If Keynes was right, interest rates are too high in the free market and we suffer from a lack of spending in a recession, then they by extension are also correct.

About the USSR, take a look at what Paul Samuelson et al were saying in the 50s, 60s & 70s. Basically, USSR with its controlled economy would out compete the US.

[andyjjones]

God this interviewer is such a stupid bitch. I can't believe she is the one who is interviewing marc faber. If i was in charge of that network she'd be fired.

[andyjjones]

why is this upside down?

[taaronemore74]

This is not just a USA thing. It will go around the world.

[mountainpatriot]

"Zimbabwe school of economics"! Marc will be remembered for this expression forever - and not just in financial circles!

[Praguedive]

'There is no such thing as a free lunch.' Alo, Mister Friedman. Good way of pointing it.

[Sarasu23]

what welfare, ... there is no such thing in usa..!!!! you idiots living there belive the lies of the dictatorship of rep/dems idiots.. you have one problem called- rich fucks who take all the profits, all the fuckin profits.. so you ordinary citizens have to take debt to afford a fuckin home.. jeeezzzz.. get an education for fuck sake, oh, i forgot, you can't because it is not state owned -you need money!!! Europe has a socialist system and is not in debt like you fucks..

[chade1983]

32 million people are on welfare. Oh yeah, where are the richest people in the world from? Oh yeah, the US. We are all stupid though.

[celticlofts]

Well we are rich because we live on credit. Sadly that party is over and by god we're going to have one hell of a hangover.

[WOGI5M]

"There is no such thing as a free lunch" - my college lecturer always said that. lol

[moviedude111]

The money comes from the printing presses then is sent to China, and China sends us stuff. Deficit.

Not for much longer though.

[moviedude111]

Basically, taxing the hell out of the middle class for the last 40 years, and lending money to welfare cases after the middle class collapsed was a not sound policy.

[rctube1958]

Jesus! It's not the welfare cases! Clearly "giving to the poor and needy" is just the tip. The elderly, homeowners, students, families, states,... EVERYONE is on the gravy train. The wealth transfer is everywhere. We have all been made into welfare recipients. Ultimately, the middle class is being taxed to support empire. The money is siphoned off into the military and and empire building, bribing foreign heads of state to play along with us.

[moviedude111]

The middle class is in the process of collapsing, just a matter of time!

I agree pretty much with what you say, except for the homeowners...those with jobs.

[MattyS54]

my first time checking out marc faber! he's certainly on the ball and not quite as dramatic in tone as some of the others.

if you like what schiff, faber, rogers have to say check out thomas woods too. he's articulate and entertaining and highly clued up on all these issues from a historical perspective.

[DeadpoolX]

Marc Faber looks pissed near the end of the video. I'd be pissed too after talking to the airhead for 10min straight.

[infopatriot]

Agreed. If expanding the money supply to insane levels as we are doing is good for the economy, then Zimbabwe would be the model for the world when it comes to monetary policy. Tax cuts do work, but it is offset by the gross amount of deficit spending that our politicains seem to enjoy. In actuality tax cuts without any spending cuts turns out really to be a silent tax increase not seen by the average citizen.

[moviedude111]

With the expanding money supply, the inflation tax comes into play.

Stock up, it is coming.

[carioca2b]

What an airhead this broad is... if you don't have any basic grasp on what you're reporting on, at least let the man finish his point! Worse than useless, just like the government she gets in the way of real expertise. But Mark...but... oh, where did I put my brain?? Good analogy on the sleep Mark! Bloody hell, she interrupted again. Will someone PLEASE put a cock in her mouth?

[Visfen]

"not because we have too little debt" haha, awesome. I love economics, it''s just basically applied "don't be fucking retarded". The sad thing is, that all these people are trying to argue with that concept like if the problem actually WAS that we had too little debt. How do you argue against that? It's ridiculous.

[vendor72]

I don't think she's wearing a bra looks like she has great baps oh sorry yeah, yeah depression and shit hmmmmmm.....

[akaider]

faber has some patience, u know he wanted to slap a hoe LOL

'stop ahsking mee deez retarded questions, BRAP!'

[Melville10]

LOL. I thought the same.

[CommanderRight]

Government intervention caused the economic collapse, now are going to "fix it" by advocating the same policies that caused it.

[OnlineCashMaven]

"but Mark!.... but Mark!...but Mark!.... but Mark!"

Can someone please tell me how someone who has 0% understanding of Money... Markets... and the Economy, manages to get a job on a business news channel?

The guy was very polite... he resisted the urge to ask her: "Do you know ANYTHING at all about the topic you are reporting on?"

How shrill...

[Melville10]

His patience is admirable.

[NewChristianSoldiers]

FUCK THIS "STIMULUS BILL"! Bush tried it by WASTING over $350 BILLION of our tax dollars and NOTHING HAPPENED!

Now Obama wants to WASTE $825 BILLION MORE by spending it on more government programs!? Now our GRANDKIDS are going to be paying for this waste when it was the same government that CAUSED this mess by forcing banks to make loans to people who were bad credit risks!

FUCK YOU DEMOCRATES AND REPUBLICANS FOR VOTING FOR THIS!

Now the media puppets are trying to SELL it to you! BS!&

[gp4nut]

the guy is right. safeguard deposits and let the banks go to the wall. the shareholders take the hit. why should taxpayers bail out shareholders?

[XXL1966]

Lunch is not for free, someone has to pay ;-)

[dan020350]

no income taxes

[NowisEvollovetion]

Wow, what a guy, I am going to shave my head completely, and get a shirt , tie and jumper just like that.

Faber is the man, buy gold/precious metals is the message.

[me98321]

Keiser is a nut with a fringe of correct logic...

Schiff is a half nut with little more correct logic...

Rogers is a selfish rich and complaining man who doesn't care about the common man...

Faber is a genius with the best logic... He really enjoy his life and it is always a pleasure to listen to his words.... He brings clarity to mortals like me...:)

[Russo017]

best comment here :)

[Oztrigger4]

wipe the dribble off your chin!

[everst]

thanks for this gaiisk!

[tajlee1]

Thank you Mr. Faber! Keep up the good work!

[motina10]

I heard Faber's name going around. finally got around to listening to him. Wow, he is good, somewhat more clearer the Schiff, Rogers and Keiser.

[edwinhermet1717]

one word: genius!!!

[iwanagaa1919]

Listening to Marc Faber is always refreshing, especially after listening to politicians.