Marc Faber : Basically, gold is an honest currency. You can increase the supply somewhat through the opening of new mines and the exploration and the discovery of new deposit, but you cannot print it and double the supply of gold overnight. That simply doesn't exist. And that quality of gold being a store of value is a disaster for the interventionists that we have at central banks and, by the way, in government. Because if you look at, say, government in 1900 and today, in 1900, U.S. total government expenditure as a percent of the economy were less than 8%. Today, they're over 40%. So do you understand... the government is not representing people anymore – this is what we discussed before about the good showing of Sanders and Trump – but the government is representing itself. It is eating at the economic cake and by eating too much of the economic cake, the remaining economy, the private sector, cannot grow fast enough to boost overall growth rates.
Because the government doesn't do anything to boost growth. It actually is growth-retarding with regulation and laws and all kinds of things. So basically, everybody – the media, the government and in the financial sector – detests and hates gold because it's honest. The whole financial sector, they love money printing, and let me tell you why. Each time the market goes down, whether after March 2000 until 2002/2003, or after 2007... if the markets didn't recover, the financial sector would earn late fees because they are paid according to the asset values and they're paid according to performances. They love money printing and these are the people that are being interviewed on TV, you understand?
The TV, the media, the CNBC, and Bloomberg's office, well, they're not going to interview ordinary people... an electrician, a carpenter, a car mechanic. They interview the people that have a vested interest in money printing because they get performance fees and management fees from money printing. That's why people on CNBC and so on and so forth hate gold. -- in Goldseek Radio
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.