21st Century Wire says…
The sage of economic boom and gloom speaks…
But who’s really listening?
Americans didn’t pay attention to what happened in Cyprus – where there were no bailouts, only bail-ins.
Pay attention, your savings may depend on it…
Eric King
King World News
With gold and silver plunging, the US dollar strengthening, and oil still above $100 a barrel, today Marc Faber told King World News this will “end in disaster.” This is part I of a series of written interviews that will be released today on KWN in which Faber discusses the end game, government theft, how investors can protect themselves, gold, silver, bail-ins, central planner actions, global markets, and much more.
Eric King: “Marc, you were talking there about the endless printing of money. Obviously it’s going to end in disaster, but when is that going to end?
Faber: “I agree with you, it’s going to end in disaster. But it’s not going to end at the hand of central bankers because I know very well how they think….
“They are not going to tighten monetary policies any time soon. They are in the driver’s seat in the sense that they will always find an excuse to print more.
They will say, ’OK we have to increase the purchases of assets because now the yield on Treasury bonds has gone up substantially, from less than 1.5% on the 10-Year note a year ago, to 2.68% as of today.’ So they will say, ‘That may damage the economy, so we have to buy more assets.’
And if they do that then the inflation rate may pick-up, and real wages may decline even more. Then they will say, ‘Well, we didn’t do enough because the population isn’t doing well.’ They will always find an excuse to print more. And as you said, it will end in disaster. There is no doubt about that.
But then the central bankers and the neo-cons like Krugman will say, ‘Well, the disaster occurred because we didn’t spend enough money. The fiscal deficits were not big enough. We didn’t print enough money.’ I tell you they will misinform the people of the whole world continuously, and never assume any personal responsibility.
At least if a hedge fund loses money, he stands up and says, ‘Yes, I f*cked up, or I messed up. I lost money.’ But the central bankers will always, always find an excuse that they are not guilty of any mistakes in their policies. It’s a very vicious and despicable class of people (central bankers).”
This is part I of a series of interviews with Marc Faber that will be released today. Faber discusses everything from gold, to the end game, government theft, global stock markets, bail-ins, how investors can protect themselves, gold, silver, central planner actions and much more. The written portion above is just a small part of this extraordinary interview. The KWN audio with Dr. Marc Faber is available now and you can listen to it by CLICKING HERE.
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