Marc Faber on Yahoo’s The Daily Ticker (9/9/11) — ‘The bankers went and cried… Papa state, please bail us out!’
Marc Faber interviewed with Yahoo’s The Daily Ticker yesterday. He had some interesting thoughts on the nanny state and the usual investment allocation process. See below for the video and summary.
- Government officials broadcast either lies or distrustful information. For example, the BLS’s statistics on inflation do not reflect the reality of cost of living increases.
- If you believe in a market economy, then you don’t believe in government intervention. If you believe in interventions, then following the logical conclusions you believe in a Russia-style socialist economy.
- Say, in Asian societies, if you don’t have anything, nobody will give you anything. ‘The problem is that the baby boomers were born into a generation of entitlements.’
- The only way to have a functioning system is with a market economy (with all the pain and drawbacks that comes along for individuals).
- It would have been better to end the problems in Europe two years ago. However, the bankers said; ‘Papa state, please bail us out!’
- The intervention, monetary-wise, has a very negative impact on the pension fund and insurance industry.
- ‘There will be more QEs until the final collapse happens…’
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