Monday, January 17, 2011
Marc Faber : "..... I think that the government’s intervention into the free Market created the problems in the first place and we certainly have to view the Federal Reserve as having intervened into the free markets by keeping interest rates artificially low for far too long between 2000 and 2007. So their intervention at the present time is actually nothing new, it’s just larger in terms of scale and if you go back to the Federal Reserve starting with the early ‘80s, each intervention whether it was flooding the system with liquidity to save the S&L institutions or save Mexico in the Tequila crisis or LTCM in 1998 and so each intervention became larger and larger and created more misallocation of capital. And I think this will also be the case today." says famed contrarian investor Dr. Marc Faber in an interview he gave to ChrisMartenson.com this week.
Click here to listen to Chris' interview with Marc Faber
Read the Transcript of the Podcast at www.chrismartenson.com
The Global Poverty Summit is taking place in Johannesburg until Wednesday and it comes at a time when emerging markets, including many in Africa, are showing a much faster recovery from the global financial crisis than their developed market peers.
Professor Joseph Stiglitz, Nobel Laureate and former World Bank economist, is in South Africa for the Summit and he joins us now in studio. Joining ABN also is this evening's guest host, Gina Schoeman, who's Absa Capital's Lead Economist on South Africa.
Dr. Marc Faber Tomorrow's Gold
Dr. Marc Faber author of the Gloom, Boom and Doom report is a world class Investor, Doctor Faber 's typically controversial and contrarian views have earned him the label of Dr. Doom. Doctor Doom also trades currencies and commodity futures like Gold Natural Gas and Crude Oil.Even his harshest critics must admit that he's been unerringly correct in his market forecasts over the past three decades . Marc Faber is a Swiss investor.He was born in Zurich, Switzerland. He went to school in Geneva and Zurich and finished high school with the Matura. He studied Economics at the University of Zurich and, at the age of 24, obtained a PhD in Economics magna cum laude. Between 1970 and 1978, Dr Faber worked for White Weld & Company Limited in New York, Zurich and Hong Kong. Since 1973, he has lived in Hong Kong. From 1978 to February 1990, he was the Managing Director of Drexel Burnham Lambert (HK) Ltd. In June 1990, he set up his own business, which acts as an investment advisor and fund manager. Faber is publisher of the Gloom Boom & Doom Report newsletter and is the director of Marc Faber Ltd which acts as an investment advisor and fund manager.