MARC FABER

MARC FABER

Thursday, April 12, 2012

Marc Faber : If I were the Fed chairman I would resign

Marc Faber : Well, I mean I think personally that over the last twenty years the financial sector has not criticized the federal reserve sufficiently. They should have attacked the federal reserve for printing money left, right, and center. But, the financial service industry benefits from writing asset prices. So when you have a crisis whether it's the S&L crisis or the tequila crisis of ’94 or LPCM or the NASDAQ going down they cheered that the Fed continued to print money because it lifted asset prices. And, so their salaries went up and their performances went up and so forth and so on. So what I would do if I were the Fed chairman having been completely wrong about really everything, which is a truth series about the depression and the current conditions, for sure I would resign. But if I were, say, a pension fund I would tell the contributors and the recipients either you pay more or you receive less but we have to balance the books because the returns aren’t going to be the ones that we are used to between 1982 when the Dow Jones bottomed out below eight hundred and subsequently rose to over fourteen thousand. It's not going to happen again in real terms. Maybe if they print money but if they print money, as I said, the purchasing power of the, say, average American household would diminish because the cost of living will increase that much more. - in a recent interview with Chris Martenson
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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.