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The video starts out with Faber's macro economic forecast, and there really is nothing new here. But listen closely and you will hear a sprinkling of some of the issues I mentioned in yesterday's article, "On The Line: Credibility". Specifically: 1) the growing disconnect between Wall Street and Main Street (i.e., their interests aren't aligned); 2) Wall Street causing the crisis and reaping the benefits of the bailout; 3) the lost decade of investing.
Thursday, August 13, 2009
Round 2: Wall Street v. Main Street
In keeping with yesterday's theme of Wall Street v. Main Street, which seem to rankle some readers, I present a video of Marc Faber of the Gloom Boom Doom Report.
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2 comments:
Faber lost all credibility a few months ago with his US to experience Zimbabwe like hyperinflation. US has nothing in common with Zimbabwe. The inflation meme is the biggest joke of all time. How much inflation do they have in Japan with a worse fiscal situation?
Faber said there would be sustained 10-20% inflation, if that compounds it turns Zimbabwe like very quickly. You don't need to lose purchasing power to the point you need wheel barrows to buy bread to be like Zimbabwe.
Personally I thought it was perhaps the best video of the year because it spoke the truth. But that's just me.
We have deflation in housing from extremely overpriced levels and energy from extremely overpriced levels. We have inflation still in things we need - education, healthcare, food. Energy versus 6 months ago or 24 months is still higher. It is just down from bubble areas.
I am not counting nat gas because that is US specific, crude is a global commodity.
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