Friday, September 23, 2016
Marc Faber : The System is so Overleveraged
"When I think of central banks, I think of alchemists," Faber, also known as Dr. Doom for his pessimistic views, told CNBC's "Squawk Box" on Thursday.
"They were trying to mix all kinds of powders and chemicals to produce essentially gold. And they all failed," he said, although he noted that some alchemists did produce other useful chemicals during their ill-fated search for the precious metal.
"But the central banks are just mixing water, in other words, paper money, and the results cannot be a favourable outcome in the long run."
"It's possible that suddenly inflationary pressures will be there, that central banks should then act but they cannot because the system is so overleveraged,"
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