Friday, July 3, 2015
Marc Faber to EU : 'Kick Greece out and never take them in'
"What I think should happen is to kick them out and never take them in. As we understand it, we are not talking about economic, but rather political issues. Greece is part of NATO. and the Americans have a naval base in Crete. Greece is part of the EU…Given the tension with Russia, American Neocons are afraid that if Greece turns its back to Europe, maybe Chinese or Russian influence will prevail in the country."" Greece is an irrelevant country in global economy. It’s less than 2 percent of global GDP. Economically it has no impact. However the impact, this is the problem for whole world, is that the global financial system is far too big for the real economy, and so when Greece defaults, it may threaten some institutions like the International Monetary Fund, the European Central Bank, and the banking system. This is the issue. If such a small country can have such a huge impact on the financial system, it means the financial system is very fragile. That’s the problem in my view," Dr. Doom commented."Greece was bailed out repeatedly. It was not the bailout of Greece; it was the bailout of the banks and the institutions of Europe. Now we clearly see that with this economy and GDP in Greece, they think they cannot pay the interest rate on their debt and repayment is out of the question. I think what Aleksis Tsipras is doing, he is basically doing the right thing, telling the truth; ‘we don’t have the money, we have to make a significant haircut on our debt.'" - in Turkish Anadolu Agency on Friday
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.
Posted by Nicole Bourbaki