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« How to Reform Our Financial System (By Paul Volcker) | Main | WSJ Profile of Peter Orszag: Obama's Lonely Deficit Hawk »
Monday
Feb012010

Marc Faber Says: "Mr. Obama Makes George Bush Look Like A Genius" (VIDEO)

Video:  Marc Faber on CNBC's Squawk Box Europe -- January 22, 2010

  • "I don't have a very high opinion of Mr. Obama.  I was negative of Mr. Bush but I think Mr. Obama makes him look like a genius."

Outstanding stuff from Faber.  He goes after the Fed for fighting an audit; blasts fiat money systems; and says the U.S. long-term debt problems are 'unsolvable.'

Two bonus Faber clips from the same broadcast have been added below.

  • "Most people don't have money left after the policies implemented in US," Faber said. "These people, they should all send a thank-you note to Ben Bernanke for printing money because it didn't benefit the US, it benefited emerging countries."
  • "Basically I think everybody will agree that in an economic system the market solves problems best."

-----

Video:  Faber begins at the 5 minute mark.  Just watch the last 2 minutes.

  • "When you look at the US… it's a total disaster, we're all doomed, we're doomed!"

-----

Video:  Faber on the Federal Reserve and fiat money -- excellent clip

The US will likely try to inflate its way out of its fiscal deficits, but many other countries do not have this option as their external debts are denominated in foreign currencies, he wrote in his report.

At some point, market participants will have second thoughts about the ability of governments to pay their debt and will shun sovereign credit, which in turn will take yields higher, accentuating the problem, according to the report.

-----

(Just a screenshot...videos are above)

 

 

 

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Reader Comments (8)

has anyone else watched this one...i thought faber was impressive in all 3 clips...
Feb 1, 2010 at 4:39 PM | Registered CommenterDailyBail
Strangelove? Is that you?
Feb 1, 2010 at 5:05 PM | Unregistered Commentergeneral ripper
I can't believe you got Stephen Roach for 2 full minutes but you advertised Faber. Much as I love Faber, he is not nearly as hard to get nor quite as astute as Stephen Roach.

Obama may make Bush look like a genius but Roach makes Faber look mediocre. And Faber himself is a genius.
Feb 1, 2010 at 9:34 PM | Unregistered CommenterPaul E. Math
Paul...What do you base that on?
Feb 1, 2010 at 11:24 PM | Unregistered Commentergobias
Gobias, I used to read Roach every week back when he was Morgan Stanley's chief economist. He nailed the housing bubble and the recession, etc just like Faber, Schiff, Rogers and several others but the analysis contained in his writing was much more detailed and rock-solid than anything I saw from the other guys (great as they are).

Once Roach became head of Morgan Stanley Asia he just hasn't been around much. I miss him.

Even Faber appeared to look up to Roach like a giddy school-child looks up to the local sports hero.

Roach is less inflammatory and entertaining than the other guys but he's more cerebral and just as steadfast.

That's why I like Roach.
Feb 2, 2010 at 6:15 PM | Unregistered CommenterPaul E. Math
Fair enough, I will have to take a closer look.
Feb 2, 2010 at 6:35 PM | Unregistered Commentergobias
Agreed...paul...i will look for more of stephen roach to post in the future...
Feb 2, 2010 at 11:10 PM | Registered CommenterDailyBail
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Mar 29, 2012 at 4:36 AM | Unregistered Commenterwjjqhn wjjqhn

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