Marc Faber : First of all, as an economist, I have to say that you cannot create real wealth by printing money. You can create illusionary wealth, in other words, asset prices go up, but the wealth of a nation comes from work, not from speculative gain, and it comes from productivity, innovation, and capital spending. It doesn’t come from consumption. Essentially, what we have done in the Western World is to increase demand through consumer debt over the last 20 years, and now through government debt, and both are very dangerous developments because they take demand from the future and [expend it] today. But both are not sustainable in the very long run.
- in McAlvany recent interview , Click here to watch the full interview >>>>