Tags: faber | bernanke | mugabe

Faber: Bernanke No Better Than Mugabe

By    |   Thursday, 01 Oct 2009 12:31 PM

You have to give credit to Ben Bernanke and Alan Greenspan, contrarian guru Marc Faber said at the CLSA Asia Pacific Markets investor conference in Hong Kong.

"They have achieved something no central bankers have achieved in history. They created a bubble in everything... The only asset that went down from 2002 to 2007 was the U.S. dollar."

And the only place that didn't grow in the final years of the latest bubble was Zimbabwe, which suffered hyperinflation and economic collapse and was "run by a money printer, Mr. Mugabe, a mentor of Mr. Bernanke," Faber said.

As for the stock market rally: Faber believes money printing is to blame.

“You can’t find anyone more negative about the world than I am,” Faber said.

“But stocks can still go up,” thanks to continued printing of money.

Faber said he actually expects stock markets overall will rise around 7 percent a year over the next decade. In the United States, however, he expects that much of that return will be eroded by inflation driven by an increasing money supply.

Faber advised his listeners to put money in Asian equities and commodities.

He also suggested buying physical gold rather than gold derivatives, and storing the precious metal outside the United States, since the U.S. government confiscated gold during the Great Depression.

The demand for physical gold is typically the strongest in the fourth quarter because of the Hindu and Muslim festivals, which are major gold-buying events, and the holiday season in the Western world, Reuters reports.

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You have to give credit to Ben Bernanke and Alan Greenspan, contrarian guru Marc Faber said at the CLSA Asia Pacific Markets investor conference in Hong Kong."They have achieved something no central bankers have achieved in history. They created a bubble in everything......
faber,bernanke,mugabe
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2009-31-01
Thursday, 01 Oct 2009 12:31 PM
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