Marc Faber

“If I were the Germans, if I were running Germany, I would have abandoned the eurozone last week…It is a costly decision, but losses are there and somewhere, somehow, the losses have to be taken. The first loss is the banks. In the case of Greece, one should have kicked out Greece three years ago. It would have been much cheaper.” [BloombergTV]

“I think we could have a global recession either in Q4 or early 2013.” When asked what were the odds, Faber replied, “100%.” [CNBC]

  • 23 Aug 2011 at 11:28 AM

Marc Faber: Trust No One!

Not the Fed, America, your cash flow-draining girlfriends, banks, paper, gold ETFs. Get your hands on some real, physical gold, put it in “a safe deposit box ideally outside the US, in various locations- Switzerland, Singapore, Hong Kong, Australia, Canada,” lay low and wait for his signal. Read more »

“I don’t think [gold] is a bubble, but I think the gold market has exploded to the upside recently and the correction is overdue. But as I have always maintained for the last 12 years, every responsible adult should gradually accumulate gold, because not owning any gold is the trouble with government. I don’t understand. People of Bloomberg, I hardly know anyone who owns any gold physically. All of the Bloomberg employees are intelligent people. They listen to the news everyday. They make the news everyday. Hardly anyone owns any gold…I disagree [that you can’t do anything with gold.] You give your girlfriend copper rings and I give them gold rings and I keep them longer.” Read more »

Marc Faber, he of the Gloom, Boom & Doom report, popped over via satellite this morning for an interview with Bloomberg TV, where they asked him about the job President Obama has done so far. Faber asked if Bloomberg wanted him to be honest. Of course they did. Speak freely, they encouraged. “Well, then I would say he’s done a horrible job and I think that will continue,” Faber answered. “And he’s changed nothing and made things worse.” But didn’t the president come in at a pretty difficult time, when it was tough to make change, Carol Massar wanted to know? After catching his breath from laughing, Faber told the little lady “You are an optimist. Keep on dreaming. We foreigners just laugh about someone like Obama.” Did Faber think Bush was much better? “At least he didn’t prostitute himself.” Let’s change the focus- thoughts on Bernanke? “Maybe he’ll resign after he sees the disaster he’s created. Or [knowing glance] maybe he’ll be disposed.” Oh…okay. Hey, will you be going to Davos? “No- it’s not for thinkers. It’s a group of liars and people who go along with the system and perpetuate fraud and abuse and dubious practices in the financial system.” Read more »