Marc Faber: The standards of living for people in the Western world will continue to decline
| WTF News |
“It is a tragedy of life that both candidates did not lose the election”
“We’re off the peak of business activity, 9 months ago.”
Mr. Obama is a disaster for business, for the United States, not that Mr. Romney would be much better”
How bad is the global economy? Watch the video below from Wednesday, Nov. 7 as Bloomberg’s Trish Regan and Adam Johnson could hardly contain the frightening analysis from global investor Marc Faber.
It’s not called the Gloom, Boom, and Doom Report for nothing. Global investor Marc Faber has attained a following similar to that of a sports star for his blunt real world analysis.
Faber outlines where the global economy is headed, straight for recession, noting that even China is seriously struggling. He went so far as to say the Asian power is growing “at maximum of 4%”, which is very close to the stall speed threshold which would send the country towards recession and possibly civil unrest.
What’s more amazing is that he pointed out the folly of the election and went on to comment about the coming economic decline of the “Western world” and that living standards will drastically decline, due to years of bad policy. He actually sounds like a libertarian, and borderline alternative news enthusiast. The economy is about to go for a wild ride.
“Looks like we need to buckle up, it could be a rough 4 years” – Trish Regan
Watch the whole exchange below, the most interesting part starts around the 7:30 mark is and partially quoted.
Regan: So what do you do right now? How do people protect themselves and their assets Marc, what, what’s your advice?
Faber: Well I think they should buy themselves a gun… a machine gun
Johnson: “No, honestly Marc, what do you do, I mean come on, what do you do to protect the money? You’ve got… You’ve got hundreds of millions under management, you can’t protect it with a gun, what are you actually doing?
Faber: *laughs* Yes that’s why I said I need to buy a tank.
Johnson: *laughs awkwardly* Come on Marc, how do we protect our assets?
Regan: *laughs awkwardly* A tank, I love that. No, but really Marc, what do we do?
Faber: But joke aside, look, we have manipulated markets. Whenever you manipulate the markets, you will get unintended consequences. I think the re-election of Mr. Obama is an unintended consequence of money printing, that favors essentially the so- called, I wouldn’t even call them 1%, the so called a quarter of a percent (0.25%). But it was easy for the Democrats to attack the wealthy fat cats of Wall Street, the elite, and uh the privileged people, and to portray them as a profiteer of the system, which to some extent, they are. Not because they wanted to but because Mr. Bernanke enabled them to be profiteers. Now we have a situation where you have today Mr. Obama, I doubt he will stay at the presidency for another four years. I think there will be so many scandals, but anyway that’s another story.”
Faber: The standards of living for people in the Western world, not just in America, will continue to decline because the cost of living increases will exceed essentially income gains. And the cost of living will go up because all kinds of taxes will be increased…So that is the status of the world, we have worsening economic conditions but money printing.
Regan: So much for that boom Marc, I’m hearing lots of gloom and doom in your future.