Saturday, April 21, 2012

Marc Faber : Traveling has become very expensive

MARC FABER : Well, the first insight I can give you is that first-class tickets have essentially doubled in price over the last six, seven years, and that hotel prices have also gone up very substantially and that traveling has become very expensive. If you tell me, yeah, but there are lots of airlines where you can get cheap seats and so forth. Yes, if you have time, you can do that, but as a businessman, say, I have to be at a certain place, I can’t take the risk that I’m late. And so I have to travel essentially on a normal airline; that has become much more expensive. And the insight I have essentially from traveling around the world, the world is a huge place. And we just have to realize someone living in the south of the world, say, the South Pole, he sees the world from a different perspective than someone who lives on the North Pole. And so people who live in the Middle East have a different perspective on the world than an American; and Chinese have a different perspective than Americans and Europeans and so forth. And I think it’s very important for world peace for people to really understand that different people have different perspectives and different opinions. And I see it and I notice it, sadly, I don’t know whether it’s because of the social media or because of the internet, you have today far more polarized views than before. You have blogs, and blogs are for the gold stocks and all the gold bugs are together in these blogs. Then you have blogs for the super stock market bears and all the bears are there. Then you have newsletters that are oriented to mining stocks and all the mining stock owners are there. And there is actually very little cross-interaction in the sense that if I were convinced of my views that gold is a desirable investment, I would wish to hear the views of people who are anti-gold. In other words, you want to have interactions with people that have precisely a different opinion than you and not with people that have the same opinion as you have. This is very important. That is an insight I’ve kind of learned from traveling and seeing the world. You know, people in Brazil look at the world from a different perspective than an American. - in The Financial Sense NewsHour - 06 Apr 2012
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