Tuesday, March 20, 2012

Marc Faber : in Asia we have also Imbalanced growth and widening social divisions and rising social tensions

Marc Faber : Well, basically in Asia we have a lot of inflation and much more than what the government published. I mean prices are going up substantially and the economies are still doing reasonably well because we have a competitive advantage and we have to make the consumption growth. But, basically there’s a difference, I mean everywhere I go in the world there’s one thing that strikes me. You go to a luxury hotel, there’s Maserati’s, Ferraris, Bentleys, Jaguars, and so forth in front of the hotel and the ordinary people are struggling. I see that everywhere. And, so I think that in Asia we have also imbalanced growth and we have widening social divisions and rising social tensions and I also think that the Chinese economy, which grew a trend line between 2000 and 2007, and they printed money, had huge fiscal debt, and so forth and they are now in a significant slowdown period. I’m not talking about the stock market. Maybe the stock market goes up because of money printing. All I’m saying is the economy is slowing down very significantly which will have implications on the global economy. - in Chris Martenson interview
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