Everybody should accumulate some gold over time, Marc Faber, editor and publisher of the 'Gloom, Boom and Doom Report,' told CNBC.
Faber did not think the EU rescue package of Greece will work out, or the other countries such as Spain Portugal may also need bail out and may not work out either. The economies of the EU countries will not grow fast enough and the interest and principles of the debt will not be repaid in the future.
Faber recommended people accumulate some gold each and every month forever. When faced with the question that gold is really not producing anything and gold trading is an ultimate Ponzi scheme, Faber contended that gold cannot be printed as fast.
Faber was clearly very negative towards the US shares. He suggested if one wants to be in equity, he or she should buy Vietnamese, Chinese, and Indian equity instead.
David Faber (unrelated to Marc Faber) asked Marc Faber in the past, the U.S. was always able to dig a way out its own troubles, as could many other countries around the world, why this time is different? Marc contended that in the Great Depression, we did not have the credit card and the U.S. government did not have liabilities such as Medicare and Social Securities. The interest payment will grow the 20, 30 or even 50% of the federal budget over the next decades.
Faber did not think the EU rescue package of Greece will work out, or the other countries such as Spain Portugal may also need bail out and may not work out either. The economies of the EU countries will not grow fast enough and the interest and principles of the debt will not be repaid in the future.
Faber recommended people accumulate some gold each and every month forever. When faced with the question that gold is really not producing anything and gold trading is an ultimate Ponzi scheme, Faber contended that gold cannot be printed as fast.
Faber was clearly very negative towards the US shares. He suggested if one wants to be in equity, he or she should buy Vietnamese, Chinese, and Indian equity instead.
David Faber (unrelated to Marc Faber) asked Marc Faber in the past, the U.S. was always able to dig a way out its own troubles, as could many other countries around the world, why this time is different? Marc contended that in the Great Depression, we did not have the credit card and the U.S. government did not have liabilities such as Medicare and Social Securities. The interest payment will grow the 20, 30 or even 50% of the federal budget over the next decades.
