Tags: Faber | Governments | Determined | Bankrupt | Us

Faber: Governments Are Determined to Bankrupt Us

Wednesday, 28 Apr 2010 09:01 AM

Gloom, Boom and Doom Report publisher Marc Faber says he's long-term "ultra-bearish" but short-term bullish since governments will just print money to get out of economic trouble.

“I think we are all doomed, because the governments are taking over and they will all bankrupt us and expropriate us," he says.

"But it may not happen tomorrow, so they will give us something to play with until the whole system breaks down, and that is a bull market,” he says.

“They'll just print money, and print more money," he told CNBC.

"But don’t misunderstand me; I think before we all are doomed, the markets can go much, much higher because of the stimulus the government has brought about, stimulus packages that will bankrupt the sovereign states.”

"What I object to the current government intervention in so-called 'solving the crisis', (is that) they haven't solved anything. They've just postponed it," he says.

Faber notes that, in 2009, “the corporate sector was very quick to lay off people … earnings have not been large, so the gross is not sustainable unless revenues come back, and that may take a while.”

Investors should not own cash as it is going to be "a disaster," but
Faber suggests to "gradually accumulate physical gold and silver."

Elsewhere, Faber believes that Goldman Sachs “is a rather honest firm.”

“They have a very strict compliance department compared to the others — they're like an angel,” Faber says.

“But they targeted Goldman as it stands as a symbol of Wall Street," he says.

"Maybe the intention is not to hurt Goldman Sachs, but just to gain popularity with the middle class and the lower class of America, so they will perceive Mr. Obama to have done something against the evil of Wall Street."

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Gloom, Boom and Doom Report publisher Marc Faber says he's long-term ultra-bearish but short-term bullish since governments will just print money to get out of economic trouble. I think we are all doomed, because the governments are taking over and they will all...
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2010-01-28
 

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