Saturday, May 19, 2012

Marc Faber: Looming Global Catastrophe?

Dr. Doom Marc Faber , discusses the future of the euro and whether a global catastrophe is on the way, with CNBC. : "I don't know what will happen, but i know what should happen and what should happen is that Greece exits the euro zone right away and defaults on all its obligation to foreigners. if they have obligations to foreigners, it's the mistake of the bureaucrats in Brussels"
"...They don't want to leave the euro zone because they know that in the future the Drachma will be worth 70% less than a euro. that's why they don't want to leave. equally they don't want to have austerity and have their salaries and benefits cut by 50%. that would be necessary to bring some order to Greece's household mess"


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