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."
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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!"
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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.
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(Just a screenshot...videos are above)
