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

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

Category:

News & Politics

Tags:

• dr
• marc
• faber
• doom
• interview
• bloomberg
• february
• 2009

[iwanagaa1919]

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

[CommanderRight]

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

[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 !

[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.

[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]

@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.

[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.

[ross3745]

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

[dodanimal]

This interviewer is so stupid and totally annoying.

[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