The Phaserl


Commodity Cycles, Monopoly Central Banking and the Wealth Redistribution Craze

by Anthony Wile, The Daily Bell:

Daily Bell: Hello, again. Since last we spoke, in June 2011, things have grown worse in some cases and better in other ways. How do you see the world today? What pleases you the most economically and what are you most concerned about?

Marc Faber: Economically, there is not much that pleases me because I think we are in an economy that is on steroids – in other words, the money printing – and the money printing goes essentially to wealthy people. Of course, they spend and as a result of the asset bubbles, temporarily the economy improves worldwide but it’s not sustainable growth. We have to realize that. So economically, I’m actually more pessimistic today than I have been in a long time. That does not imply that asset markets cannot go higher. That is a possibility and, in fact, I hope the US market goes ballistic and creates a gigantic bubble, which will then embarrass the Federal Reserve because every bubble eventually gets deflated.

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