The Economics of the Coming Crash - Freedomain Radio Interviews Dr Marc Faber
Dr Faber writes the monthly investment newsletter The Gloom Boom & Doom Report. He has also authored several books. Dr Faber funds philanthropic endeavors using some profits from newsletter subscriptions to educate Thai children. Dr. Faber has been a regular contributor to several leading publications around the world in the past, among them Forbes and International Wealth which is a sister publication of the Financial Times. He has contributed regularly to several websites such as Financial Intelligence, Asian Bond Portal, Die Welt, Finanzen, Boerse, AME Info, Swiss Radio, Apple Hong Kong and Taiwan, Quamnet, Winners, Wealth and Oriental Daily. He has also written occasionally for the International Herald Tribune, Wall Street Journal, and Borsa e Finanza.
Tags: Faber, Freedomain, coming, Marc, radio, dr marc faber, Economics
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will califruadia be the first to deputize the all gov workers?
@dharmashooter “It facilitates a command and control power structure that enslaves the individual.”
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That’s not a function of money, that’s a function of taxation.
@wraft “incapable of predicting outcomes”
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This surprises me very much.
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It was only the Austrian school which identified the Tech bubble, the housing bubble, the oil bubble, and predicted exactly the result of the “stimulus” that we have seen happen: Squat.
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What predictions do you want that you’re not seeing?
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On thinking about it, what you won’t get is “increasing x by 30 will increase/decrease y by 20″, because such models just don’t work.
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Look up “Long Term Capital Management”
@Motoicon thanks so much!
Ive seen dozens of interviews with Dr. Faber and even though this is nearly 4 months old, this is by far the very best one due in most part from your insightful questions and commentary. I loved ur comment about people viewing gold/silver as trying to buy a big bag of crack cocaine cos Ive experienced it. Its too bad men like Dr. Faber are not economic advisors to our government.
Stefan,
Foreign (Japanese, etc) governments are simply trying to kick the can down the road in an attempt to avoid having their own society face global “restructuring” (i.e. people making cars forced out of their industries into different sectors, etc) and as a result do not be surprised if they all (foreign countries) push the current game up until all the way to the very end…
Anyway, keep up the good work,
Ulysse
@wraft …Having said that, there has been empirical work done and mathematical models used trying to support their theories, and you can find them on the internet. And you are very wrong about them not predicting future outcomes.
@wraft It sounds like you didnt really give the school a good chance; otherwise you wouldnt be saying what you said. May I suggest, try the work of its founders or their followers e.g. Hayek (in addition to listening to Steve Keen and Silvio Gesell who, like some of Keens critiques said, are frequently idealogically motivated), and then you will be able to understand why they dont need to use so much maths. My apologies in advance if you have already done that but still hold the same view.
I’m inclined to believe that the Austrian school is mostly BS because it dogmatically rejects mathematic models, and mathematics generally. It is a neo-classical off-branch which is incapable of predicting outcomes because there is no awareness of dynamics - see Steve Keen for a critique of neo-classical economics.
@dharmashooter and when I pay the police and military their wages I will be the one who tells individuals they cannot conduct business with each other on a voluntary basis! Get it?
@TheCapitalistdog Runny noses and colds are natural. Money is not natural but an invention. It is a technique used to facilitate the exchange of goods and services. But as with all techniques its introduction into society has unforseen and hidden consequences. It facilitates a command and control power structure that enslaves the individual. Whether it’s backed by gold or not makes no difference. Armies and police are paid to do what they do.
@dharmashooter
“A money system cannot exist without the state and the state can’t exist without a money system. They are one and the same? thing. ”
A FIAT money system and the state are one in the same, i agree. However, the concept of money or “currency” is a market concept not a state concept.
If individuals want to create a currency to conduct business with each-other on a voluntary basis, who are you to tell them they can’t?
@subjer0 You’ve identified the problem well enough but I wonder what your solution is? Get rid of money altogether?
@subjer0 You’re right people wouldn’t be so greedy. But without a money system you wouldn’t have been able to post that comment.
@TheCapitalistdog Money is NOT ‘merely’ a medium of exchange. That is the big lie. Money as used in a money system is a system of CONTROL. It is the carrot and the stick used to manipulate and manage a society of slaves. A money system cannot exist without the state and the state can’t exist without a money system. They are one and the same thing.
A must watch and listen video
Its not the people of Greece and its not Greece its simply the financial powers in the government of Greece in conjunction with the Banks working it so they can get maximum control and profit.
No government will never default on debt by will, the default will happen by default where no choice was made it simply was realised when the money became too debased or alternative economy’s sprung up.
All debating about governments trying to do this and that is all just pantomime
I dont subscribe to the idea that a government could be so stupid as to think it couldnt print its own money interest free, therefore it doesnt think like a person in that it can default and “get away with it” its deliberately borrowing money from private corporations because the same people who benefit from government borrowing are also in the government they are one and the same, so they dont want to get away with anything because they profit from having the debt paid.
As a former Christian it’s my understanding that the Bible quote, from the book of Timothy is - the ‘love’ of money is the root of all evil. Inserting the word, love puts quite a different twist on the expression. An easy google.
I make it a point to not believe any would be chicken-little unless they have the balls to name a semi specific date (a month and year…give or take three months even, I’m not a nazi) to be the deadline for whatever apocalypse it is they’re predicting.
If not….they’re probably full of shit.
If their apocalypse hasn’t come by this deadline…they have to …say…shove a broomstick up their ass and dance around saying “I’m a stupid fag who doesn’t know shit!” for an hour.
Unreasonable?
I think you’re watching too much Zeitgeist.
Money is not the root of all evil, it is merely a medium of exchange. Money itself is not debt, FIAT money as we know it today, is debt. Money is supposed to represent real wealth, not paper enforced by the state.
Arguing the concept of money is the root of all evil, tells me that someone has probably taking the Zeitgeist movies too seriously.
The root of all evil is the legitimization and legalization of violence. The State.
Wonderful job!!
Brilliant interview!
another good one man
cont… Once a person has experienced these luxuries they will do everything in their power to protect them. It is not the money itself that is the problem, but the corrupting affects of wealth and luxury. However, without these things we would not have as free of a market as we enjoy. Without wealth and luxury for some all would be equal, thus problems inherent in that system would occur. The point I’m trying to make is that we, humans, have not realized the ideal system yet.