Monday, June 20, 2011
"first you recognize it's a solvency issue, not a liquidity issue. second you recognize that waiting has contaminated it. so part of the problem now is that the ECB balance sheet has gotten contaminated. so you need to have an action plan for that. thirdly, you need to protect the economies that do not have the characteristics of Greece, but could get contaminated. Spain, Italy. you need to move on plan b quickly, otherwise you're going to get stuck and everything's going to be more difficult. a year ago the ECB balance sheet was not contaminated so we could have solved it easier. today it is contaminated, so it gets more complicated. and six months time, gets even more complicated. so waiting around, not to kick the can down the road, but just waiting around makes the solution even more difficult."
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.