Marc Faber Talks About Final Financial Crisis
“Dr. Doom” is back. Last Tuesday, Marc Faber visited Istanbul and spoke to an audience gathered at the Swissôtel. According to the Hürriyet Daily News (Turkey) yesterday:
“We have not lived through the latest crisis yet. The economic, social and geopolitical watch will be reset permanently after this crisis,” said Faber…
Noting that central bank experts have become “imprisoned” by inflated asset markets, Faber said: “When necessary, we should look at whether tight monetary policies are still applicable. A short-term boom stemming from expansionary fiscal and monetary policies is also a possibility. But how long it can be sustained? This poses a question. The current crisis has failed to clear the system. Policies introduced as a measure to combat the turmoil have the same content as the ones implemented after 2001…
The editor of The Gloom Boom & Doom Report hammered away at this point. From the piece:
“Nothing has been solved. The Fed wants to have more credit growth and again more leverage. That’s why I believe the final crisis will only occur when everything breaks down,” he said.
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The Swiss-born investment adviser predicted “faster growth in emerging economies,” along with higher gasoline and oil consumption in these countries, and said Turkey, along with the Middle East, will have an important choice to make. From the article:
Responding to a question on Turkey’s future, Faber said Europe and the United States will become less important. “Especially the countries in the Middle East will have to make a choice: Are they more Europe-and American-centric or are they Middle Eastern- and Asian-centric? My advice will be to become more Middle Eastern-centric and Asian-centric and less Western-centric. Geopolitically, Turkey will likely be less supportive of U.S. policies in the future.”
Istanbul Business District, Turkey
Source:
“Investment guru urges Eastern-centric approach”
Hürriyet Daily News (Turkey), November 4, 2009
