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Marc Faber: "We're all doomed"
Saturday, January 23, 2010
Skip directly to about the five minute mark to hear Dr. Marc Faber talk about how it is "unimaginable" that the problems of the United States can be solved.
After that he uses the "D" word, but, since he had a smile on his face at the time, it's hard to really know how much conviction was behind that particular statement.
7 comments:
"...he had a smile on his face at the time, it's hard to really know how much conviction was behind that particular statement."
I would say 100%. He's a Switzer, they're historically used to scorning death and disaster.
Geez, if you are running 40%-50% deficits, bankruptcy is the only option. A cut here, a cut there, no matter how deep is not going to solve it. It is time to throw it all away and redo.
He doesn't abide in the states, so what does he care? Its like a Texan finding out that Iceland is doomed.
The deficits and the size of government debt per se do not suggest that we're doomed. Today we stand at 80-90% of debt/GDP ratio whereas there where periods in US history when it stood at over 100% and US managed to come out of that period without a major turmoil. The most concerning thing is the rate at which the debt is increasing. If US adopts a very tight fiscal policy and stops enormous spending on two wars soon, I am sure there is a normal way out of today's mess. On the other hand, if overspending continues, then we're definitely doomed.
A country thats running a big deficit and still running......
Get it?
If can go past the point of no return ..it ain't
Even a car that's gone off a cliff is still running; until, it ain't. Get it?
Not only is it he CURRENT civil servant salaries (which have just, for the first time in history, overtaken the non-public payrolls anyhow!), it's the pensions and health care for them by the time they retire and younger ones at even higher salaries take over while the old ones still have to be paid at (due to health care costs) ever greater cost. Of course by that time they WON'T be paid ...
How GDP betrays the Economy
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