Tuesday, October 29, 2013

Marc Faber : The Market Forces Will Destroy Central Banks

L.S.: Are the financial elites interested in solutions at all according to your experience? 

Marc Faber : I would say basically we have democracies but it should be clear to anyone who lives in Western Europe or in the U.S. that the individual on paper he has plenty of rights but in reality he can be stopped by an authority at the airport and kept in custody for a day or two and harassed and so forth and so on. So his rights are actually very limited. And we have today governments in Brussels and also in Germany and in Switzerland, basically everywhere, where they do not represent the will of the people. In other words they don’t care about the people. They care about themselves.
We have a government bureaucracy class that essentially pursues its own interests and within that class you have the treasury department and you have the central banks. The thing is, I know quite a few members and former members of the Fed, this is an institution, it’s a club of, say on paper, educated people but with no business experience. They are not familiar with the problems of the businessmen and they have developed group thinking. All of them are money traders.
Now, some are maybe larger money traders like Eric Rosengren of Boston Fed or Yellen, and some are maybe less money traders. Basically they all trade money or intervene with monetary measures if the economy slows down or has a recession, a recession of degree. And my sense is that the government and the central bank will not solve the problem of central banks, only a major crisis that completely discredits the central bankers and the banking system will solve the problem. - in a recent interview with goldswitzerland

Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.

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