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Marc Faber: World Bankers Are Going To Bankrupt The World

December 4th, 2013

marc faberPatrick MontesDeOca: In a recent interview with Equity Management Academy, Dr. Marc Faber and Patrick MontesDeOca outlined how he believes that central banks around the world, by printing money, are setting up the global economy for collapse.

Faber is the author and publisher of the Gloom, Boom and Doom Report,which highlights unusual investment opportunities, as well as several books on investment. He was managing director of Drexel, Burnham Lambert, and has lived in Hong Kong since 1973.

Faber believes that demand for gold will continue to be high and, if anything will increase. He said, “In Asia it has always been traditional to own gold….It was illegal to own gold in China until about ten years ago. Now the government is actually encouraging people to own gold.” Therefore, he said, demand is “very strong” and, with increasing numbers of wealthy people in Asia, “demand is rising very rapidly.” Furthermore, Faber believes that if the Chinese economy slows down, the government in China will do what governments everywhere else in the world have done, and print money. If that happens, then “gold demand from China would actually increase and not decrease.”

In the long view, Faber discussed that shift in the economic balance of power from the Old World, which is Western Europe, the United States and to some extent Japan to Asia, and especially China.  Much of the recent growth in the world economy has been in Asia. However,

Western Central Banks still own about 21% of all the gold in the world, if they still have it, which is “the big question Eric Sprott has raised on numerous occasions” in interviews with EMA and others. China has about $3 trillion in reserves, but only 2% or 3% of it is in gold. Faber argued that if China follows the pattern of other emerging economies, it will slowly increase its gold holdings, which will further increase demand.

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  1. Ulysses
    December 8th, 2013 at 03:57 | #1

    Re: Money in the bank returns next to nothing, so savers are forced to speculate.

    Another outcome of artificially low rates is the proliferation of Ponzi schemes.

  2. George
    December 7th, 2013 at 10:33 | #2

    Using anything “fractional” to operate any financial system means a sure failure.
    You can not lend what you do not have, unless it is deceptive.
    You can not create something out of thin air, unless it is deceptive.
    You can not spend yourself out of debt, unless it is deceptive.
    You can not borrow your way to prosperity, unless it is deceptive.
    And mostly, You can not control your own destiny if someone else controls your money, unless it is deceptive.

    Where does the deception end?

    The Owners of the Federal Reserve Corporation Central Bank have stolen generations among generations of wealth from everyday working Americans, and ares till doing it today.

    Talk about a nation of blind, deceived, living in denial, uneducated, dumb down, sheep. Wow, could this nation’s people be any more lost, blind, and ignorant?

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