Marc Faber on sovereign debt default : American & Greek

[MYTHOMINHTRAN]

Printing money without productivity from its own country. Using printing money to give free to the other country or buying products from China or elsewhere because it's much cheaper than in the USA. How long is it going to last for this bad economy habit? All US citizen wake up!

[georgia1996100]

@albanianenergy ofc you are albanian..i didn't expect smth else from you..and i say that because most albanians hate greece..if you hate it why are you coming here?

[turboz1k]

I hate how so many well known Economist say "The Dollar is structurally weak" the Dollar is up 20% vs Euro since Dec. 09, & is the same as the average level from 2004-2006. The amount of video's against the dollar basically multiplied 10x when the dollar spiked in late 2008, which questions motives

[bonfirejovi]

@turboz1k look at it compared to gold

[LiberalBird]

I knew greek was gonna bankrupt many many years ago! I told you this!

here is my video about greek economy, i uploaded it 3 years ago!

/watch?v=-p09iCFFaSI

[Tdiddy777]

@bewaver Do u honestly think Iceland went bankrupt because they harbored Fisher who died some years ago?? Come on man! And what happened to Greece is that the socialistic government spend money like water for over a decade and committed fraud by delivering wrong figures to the Euro Zone member states and Central Banks. Also they are really lazy people, a day of work for a Greek government worker starts at 9:00 and ends at 15:00 for most of them. They average retirement is at the age of 60

[Sophia156]

@Tdiddy777 actually it is 7.30 or 8.00 to 3.00 or 4.00 without the overtime....

[Sophia156]

@Tdiddy777 and it wasnt only the socialistic goverment... the right wing goverment did the most damage...

[georgia1996100]

@Tdiddy777 @Tdiddy777 and what you know about greece??if you want come here and see..some people work some others no..and yeah we are not so rich so as our goverment to pay other people so as to hire men who have no work..at least we have beautiful islands and the most beautiful sights..aw and many of "your" celebrities are greek...go on wikipedia and write list of greek americans and check it..you clever!!:P

[dave777blaster]

30 trillion was spent by Bush and Obama

this will sink

America into the third world.

[neo19158]

Shylock can have his pound of flesh.

[DurbanAccomodation]

I think whats happening with Greece is just the tip of the iceberg and the first of many more countries' governments to go bust. We are watching the beginning of the demise of our global empire. start to grow your own vegetables and forget about fiat currency (it is worthless) :-)

[joneselius]

This is a scientifically created crisis, they all are. Every time we collapse (as Rhamm Emmanuel says) there's opportunities to 'get things done'.

Usually the taking of liberty, life and the freedom to live freely. I think this is the beginning of the end for human rights. I truly do, corporate right will rule because the people, ONCE AGAIN, did nothing.

[DurbanAccomodation]

I agree. The whole business cycle is a myth. there were no booms and busts for thousands of years until the invention of the stock and bond markets. Get out of debt ! Grow your own food and buy a gun (just kidding)

[joneselius]

Can't own a gun, lol. I'm British!

I can own a longbow though. Though what good that would do me against a fully automatic MP5 standard issue is truly questionable.¬_¬

Growing our own food is inherent in nature, lol. It's beggars belief that people don't grow their own food (given space requirement). The stock market has always been run through 'in' trading. Boom and bust are inherent in it also. The problem we have is, we're using currencies that are based on a proise of payment!!

[DurbanAccomodation]

And of course the governments always keep there promises :-P

One day when the fractional reserve banking system collapses you will see South Africa become the wealthiest country in the world because we have almost all the Gold/Platinum/Steel/Uranium etc..

When the system falls , the one holding the Gold will be the richest.

[joneselius]

But how do you suppose you'll sort out the debt crisis?

The way I see it is this. The elite's no longer need to control Africa or any other 'developing' countries because they already have them in crippling debt, so now they can focus on their own countries, slowly breaking down the social order and provoking revolutions to justify their 'swift and precise' retaliation.

The bomb blast at JP morgan which didn't hurt anyone or do any real damage is a classic case of this.

[bewaver]

Agreed, I think that Iceland fell because it haboured bobby fisher, i am still looking for an answer of what happened with Greece.

Btw, the US was drowned because of not wanting to attack Iran. Human rights are only a feel good concept they apply when it suits them.

[francoruberto]

The bailouts are a temporary band aid

to this huge problem.

A government is compared to a house.

If you work and make a certain salary but spend more then your salary you keep on accumulating debt which eventually has to be repayed with interest!!!

If you don't the banks will pull the plug and you are forced to lose your house,cars,other properties etc...

This is madness!!!

The governments are supposed to control spending and promote savings.

Now armagannon has come.

Watch and see !!!!

[jaimerangelwashere]

God fuck! EU citizens already pay alot of taxes compared to US citizens. I can't imagine paying 10 dollars for a gallon of gas just because the government wants to raise taxes.

[lucius1976]

Wait until the US taxpayers has to pay for the bank bailouts. That will put the so high european tax rates to shame

[jaimerangelwashere]

@lucius1976

What year are you in? That was so last decade. If I remember right....the banks are paying back with interest and all that financial stuff. You need to do some research before you comment on youtube.

[lucius1976]

You are dreaming. If you are considering the long-term debt that the financial crisis caused by the banks then the banks have not payed it back and wont do it ever. The only thing that was accomplished is that the moral hazard was increased 10 times and the bank go business as usual until the next, even bigger crisis that they will cause because of they continued risk-taking.

[uturniaphobic]

relax everybody...Ben is using "advanced quantitative surveillance" we're fine....

flop

If Greece goes bankrupt buy dollars immediately. watch it rise long enough to pay foreign debts then get out.

[dankny73]

@uturniaphobic no way euro strengthens dollar down gold up

[uturniaphobic]

could be... I just noticed that when Dubai went down, the dollar rose, defying all the trends. I think it also happened when Iceland melted down.

the reason I think is because sovereign buyers of treasury notes want to cash in the notes. so they raise/manipulate the dollar index to maximize the return of principle. just a guess

[eliasmouawad]

Search for "US DEBT FORMULA"

[spectre1929]

not done with this crisis ? the media believing the media ?giving money to countries and organisations who because of astronomical debts ,cannot pay there debts ? Hello is there any such thing left as common sense ?The very last thing you do to to "help"someone drowning in debt is throw them more weight ? modern greece can take a lesson from the collapse of ancient greece ,the ancients became corrupt and lost there grip on the world,do not give this country one more drachma ?

[MolossianZagori]

@spectre1929

That's easy to say when the USA forced Greece's hand to purchase BILLIONS in security contracts (from US companies) for the 2004 Olympic games.

Nevermind the billions of dollars in weapons that the USA launders through Greece. So let's "call a spade, a spade".

[Giorgos89GR]

Meaningless nonsense. Which country will be able to pay off his debts/credits with their interest rate? It´s impossible. It´s just a matter of asking the central banks to print more money and to risk an inflation. What about Iceland, Dubai and Greece? Economy is a vicious cricle...

[EZlearningVBdotNet]

Innovate, Reform, Default or Inflate. You can take that to the bank.....

[eliasmouawad]

Search for "CIA NEW FIASCO"

[caveltor]

Why would any government want to pay down its debt?

The debt will not be paid down, no government has ever paid back its debt.

And in terms of sovereign obligations, what does everyone think a debt payback would look like? Chinese walking about with fists full of dollar notes?

No, the creditors already have their money. Its held in an account called treasuries and can be exchanged for real goods and services.

Does anyone expect creditors to hold their money at the local savings and loan?

[ChrisKillz503]

Ok well when interest goes up we can just pay a few trillion in interest, right now our interest on the debt is half a trillion. That's why.

The US Government has claimed bankruptcy 8 times this century, first time was 1933.

The birth certificates of all US Citizens are collateral on the debt, along with the national parks, and everything else.

That's why you want to be a sovereign citizen like out forefathers, not a US Citizen, aka slave.

[PlatinumGordon]

Good comments mate. I only learned of my birth certificate being my corporate name this year. My corporation for enslavement.

[ChrisKillz503]

Yeah that seems like the easiest answer imo. That also explains why they're so keen on overwriting the Constitution with this cap and trade UN treaty. We have to impeach the president if he tries to do this without congressional approval.

[jhunted7667]

a government who's leaders have a conscience for the posterity of their nation will pay down debt to the point of illiminating debt so there children won't have to pay the interest on the debt don't seem to be in power , so I feel very sorry for anyone who has children, especially pretty girls , woh to women with children and babes in those days , it's the bible comming to life, there is no way out of this who knows how much more fake gold is in fort knox , they say it's almost all tungsten

[fishingthewatershed]

How come no one ever talks about the elephant in the room? How will we ever pay back the debt if it is projected to be $20 trillion by 2019? Technically, You could pay off the debt with a single silver coin stamped with "paid in full" since it is lawful money, not legal tender. A fiat currency is a bold lie which can be paid back with the same.

[ewffaces7]

@fishingthewatershed

America will pay off its debt in devalued currency.

Devaluation will take place after august 2010.

It could be an overnight devaluation : ameros will be issued : three dollars for one amero.

[DontTread0nMe1776]

I think the will skip right past the Amero and ATTEMPT to go straight for their wet dream of a One World Currency. People are waking up, most won't take their chip in the hand. If the RFID chip does get forced on us can you imagine the black market that will spring up?

[berkeley73]

Ain't gonna happen.

[jhunted7667]

you don't understand  if we accept the amero then we surrender our economy to the europeans , I don't want them controling our economy , we should abolish the dollar and allow congress to kill the Federal Reserve and start a new currency based in Gold and comodities for the time being until both Gold and silver money can be introduced , this collapse was planned , if you have children especially pretty daughters imagine what will become of them at the hands of the people in control the economy

[StevenMartin1966]

@jhunted7667 I agree with your post, but please explain/expound the "pretty daughters" comment. Thank you.

[berkeley73]

By issuing bonds and printing more money while trying to hide the inflation and dollar depreciation...

not working, see rising asset prices right now.

[wvolson]

makes sence!