Thursday, December 25, 2014

The Fed , The Treasury and The Government are basically one and the same

REGAN: Anything else? A lot of people have made that point that the Fed has been somewhat backed into a corner in terms of having to be aggressive because they haven’t gotten any cooperation from Washington. Is there any truth to that?

MARC FABER : Well it’s interesting that you raise this issue because I was on a panel with Alan Greenspan a week ago, and I knew Alan from my days at Y12 in 1970, 1971 when he was the consulting economist. And actually he even recognized me. He said you’re one of the few ones that always came to my presentations. I have to say one thing. I’m critical of him as a Fed chairman, but he’s a highly intelligent man and he’s actually a very nice man. But equally, he’s a diplomat. He’s a politician.
And I was allowed to ask him a few questions, so I asked him, Alan, you’ve been Fed chairman since 1987 until 2006. Would you have done anything different if you were again Fed chairman? And then he explained this and that, and then I interrupted him and I said, you mean to say that the Federal Reserve is not independent? He immediately said, Marc, I never said the Fed was independent. That’s what he said. I never said that the Fed was independent. In other words, the Fed and the treasury and the government is basically one and the same.

Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.Dr. Doom also trades currencies and commodity futures like Gold and Oil.

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