Wednesday, November 9, 2011

The lack of saving is the problem of the United States

Marc Faber : "If you look at net investments in the US, it has gone down for the last 20 years, and it's now negative. In other words, basically the capital stock of America is not being replenished...although it's being replenished somewhere else in the world. At the same time, the policies of the Keynesians have always encouraged spending,"

"We're not going to get out of a recession by saying spend, spend, spend. That is wrong!"

"The lack of saving is the problem of the United States."

- in Bloomberg

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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.