Thursday, March 22, 2012

Marc Faber : The Financial system will be an MF Global where you dont get your money back from the Banks

Marc Faber : Well, I think that every person should own some precious metals as a reserve and as an insurance policy against a complete meltdown in the financial system. And, as you know, we had MF Global. What did the clients get, less than what they had in the company and I think eventually the financial system will be an MF Global where you don’t get your money back from the banks and the investment banks and from the mutual funds and so forth and so on. And, so I think everybody has to think to himself, how do I protect myself against such a black sworn event. Now you have a, say, a life insurance policy and you have a health insurance policy, if you have a health insurance policy and a life insurance policy, you’re not exactly hoping to die and have an accident. But if it happens you have it, and so I would suggest that people own some precious metals. And, I think, say, the price has gone up a lot since the lows in 1998, 1999, but compared to the expansion of credit in the world, compared to in the expansion of wealth in the world, and money printing, I don’t think that gold is terribly expensive. Having said that, I think we’ve reached a peak, but it went south of nine hundred twenty-one on September 6th of last year. We made the low at one thousand five hundred twenty-two on December 29th of 2011. We rallied again, I think we’re still in a correction period but I’m not going to sell my gold when I see people like Obama running America and possibly they’ll have a republican after 2013 but I don’t think the republicans will be much better. So I want to own some gold, and as I told you, I think the money printing will go on unless the Fed would come up and say we’re no longer going to print any money. The monetary base will remain steady, and even in that case I wouldn’t believe them.- in Chris Martenson interview
Click here to watch the full interview>>>>>


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