Marc Faber stuns CNBC anchors and guest February 10, 2010 with his comments regarding sovereign debt defaults:
I’m not interested in government or sovereign debts, because I think that all governments will eventually default, including the US.
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“In the developed world we have huge debt to GDP, in terms of government debt to GDP and unfunded liabilities that will come due, and these unfunded liabilities are so huge that eventually these governments will all have to print money before they default.”
Marc Faber also body slams Dennis Kneale after Kneale questions him regarding his gloominess and forecasts in early March of 2009. Kneale, attempting to take a pot shot at Faber because of his gloomy predictions about government debt didn’t realize that Faber went boomy within a couple of days of the stock markets bottoming out, as evidenced by this interview.
Watch the interview on CNBC:
Hat tip Zero Hedge
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As reported in the news , Germany will not help bail out Greece , the dominos will start to fall in Europe, then come over here to the states. Many economic commentators have been saying this might happen and it now looks like it will .
Our own economy is not out of the woods yet, (think Bretton Woods) and it would really only take another serious crisis, natural disaster, or major conflict to tip the scales in the wrong direction; which is why CNBC always talks up the economy.
CNBC would claim it was only birdshit if the sky was realling falling. 🙂
Dennis Kneale is a moron with pathological Pollyanna disorder.
no ‘every man for himself’ strategy will work in the med-long term
*were all in this together*
The US Gov should DECLARE BANKRUPTCY to the FED- not negotiate a default deal with them, as they are crooks and robber barrons