Marc Faber : Crude Oil is still the cheapest alternative for energy

I would not take off for a long time and believe me crude oil is still the cheapest alternative for energy and I live in the North of Thailand I mean the people in the countryside they still drive the motorcycs they are not giving to have a motorcycles with batteries but too expensive. So in emerging economies in the last 18 months although we had a huge collapse in economic activity globally their oil demand still growing and in the developed world it is going down and so forth I am convinced that in Asia the oil demand over the next 20 years will more than double so we consume today in Asia 22 million barrels a day. We will go to something like 40 million barrels. The oil production in the world is 85 million barrels of oil a day and every year we find new oil but we use much more oil than we find new reserves so essentially the reserve level in the world is going down. So eventually I suppose we will have much higher prices.
in India Economic Times

Deflation Would Be a Good thing

"I think it would be very good for the world to have deflation"

Marc Faber in CNBC

Marc Faber : Government Expanded Like A Cancer

"Governments have intervened too much in free markets since the crisis started, to the point that they are affecting the health of the world economy."
"I think that governments have become like a cancer, they have expanded in the financial system."
"I think the biggest problem is too much intervention. Whatever the government touches is usually done worse than in the private sector."
"I think any government intervention has unintended consequences and is negative," he said. When there is intervention, "eventually the market will break the intervention and things will blow out."
Government stimulus packages create volatility in stock markets because they distort economic indicators, said Faber, who predicted that the US will implement another stimulus.
Supporters of past government interventions to boost money in the economy have said that without them the world economy would have been in much worse shape now, with unemployment much higher and more companies going bankrupt.
"Yes I am familiar with this line of argumentation," Faber said. "The Keynesians will all say … we would be in a depression now. But it's not clear to me that this is correct."
"At this level I'm not particularly interested in buying anything," he said in response to the deflation argument. "I buy gold, I don't know what else to buy."
He reiterated his view that another, worse crisis may happen in five to 10 years, "when the whole financial system collapses" because the debt problem has been kicked down the road without actually being sold.
"I think US Fed, ECB and other central banks have no other option, they will continue to monetize and buy bad paper, period," Faber said. "The central bankers are precisely the ones that don't know that excessive money creation and excessive debt creation leads to a crisis down the road."
Marc Faber on CNBC's Squawk Box Europe -- June 17, 2010 Click Here to Watch The video >>>
Source CNBC

Marc Faber USA vs China

Marc Faber : " Basically, the problem of the United States is that they do not produce enough compared to the whole economy and that its net savings are very low. In other words if you have two countries or let's put it in more simple terms, you have two households or two businesses; one household spends everything it earns, one spends everything it earns pays out in dividends and borrows money to maintain the lifestyle of the owners of the family to buy a car, to buy a house, to buy appliances, mobile phones and so forth the other household or the other company - out of its earnings puts something aside and invest in education or in terms of a company in research and development or in new plans and in new machinery and so forth who do you think in the long run will be better off. Consuming means exactly what the word says consumption is you have a plate of food in front of you, you consume it then the food is gone and saving is to put it part of the food aside for the wintertime or for emergencies. So, in my opinion, US has badly abused its power to borrow money basically and has not saved at all in the last few years and obviously, in the long run, relatively speaking, your standards of living go down compared to countries like China and India where you have a high savings rate and where people then build factories and develop their infrastructure and develop the educational standards and so on. So if you look at 1950, the US is up here and the emerging economies are down here and now the US is still up here but is not up much and emerging economies stay close the gap, there is still a gap between the US and most emerging economies but you look at educational standards in the US, in many states of the US 20% of their people are illiterate you know this I mean horrible. "
Via India Economic Times

Mohamed El-Erian : Greek Woes Will Keep Spilling Over - Morningstar Video

Mohamed El-Erian The PIMCO CEO and co-CIO says the Greek crisis is going global, and may lead to tighter credit in Europe and stronger headwinds around the world.




from Wikipedia : Dr. Mohamed Abdulla El-Erian (born 1958) is the CEO and co-CIO of PIMCO, the world’s largest bond investor with over US$1 trillion of assets under management as of 2010. El-Erian previously worked as the investment manager of Harvard Management Company, Harvard University’s US$34.9 billion endowment fund, where he spent almost two years.[1][2] On September 12, 2007, it was announced that El-Erian would return to PIMCO and take up his new roles starting January 1, 2008

Mohamed el-Erian, CEO of Pimco One on One with Susie Gharib of PBS

Watch the full episode. See more Nightly Business Report.

Mohamed El-Erian: Susie, we went into the weekend knowing that Europe had a debt issue and Europe had a growth issue. And we come out of the weekend with the news that Europe may also have a banking system issue. The minute you bring in the banking system, it's like an amplifier, something that we discovered in this country a couple of years ago. Banks have a way of amplifying shocks in the system because banks are like the oil in your car. They link up so many different parts. And the problem for the U.S. is that not only is it going to have to cope with a growth issue out of Europe. Europe is an important export market. We sell a lot to Europe. Europe is going to grow less, but now the strains in the banking system. And the minute you introduce strains in the banking system, there's always a fear that governments will be behind the curve and that you can get contagion. You can get widespread disruptions. And that's what we started to price in today.

EL-ERIAN: They are not as exposed to the European banks as they are to each other but we are all exposed to the global banking system. Banks are very inter-linked. And the minute you start having disruptions, the minute the flow through the pipes starts to be interrupted, then everybody suffers. And the concern is that Europe's banking system may come under pressure. Those of us that are in the trenches, those of us who look at the plumbing for the last couple of weeks we have started to see some strains and the news out of Spain this weekend was really the announcement to the rest of the world that the European banking system is coming under pressure.
for the full transcript and to donate to PBS click here >>>

Marc Faber: Avoid The US Disaster, Buy Wheat, Sugar, Natural Gas, And Japan In 2010

Marc Faber :"I avoid US government bonds I think as a contrarian you really want the contrarian play. You should buy Japanese stocks and Japanese banks this is the absolute contrarian play. Nobody is interested in Japan all the funds have withdrawn money from Japan they have given up on Japan I guarantee you the economy would not do well, forget about the economy
the population is shrinking but you can have an economy that does not do well but the companies do well that is a big difference and I think the Japanese banks are very depressed. All the banks in Asia have actually recovered very strongly but not the Japanese banks so as a contrarian play I would look at that."
In India Economic Times

Synchronized Boom, Synchronized Bust

Bad U.S. monetary policy had global consequences.

By MARC FABER

Marc Faber

The world has gone from the greatest synchronized global economic boom in history to the first synchronized global bust since the Great Depression. How we got here is not a cautionary tale of free markets gone wild. Rather, it's the story of what can happen when governments ignore market signals and central bankers believe in endless booms.


in The Wall Street Journal

Marc Faber on CNBC - Full Interview 6/17/10

Marc Faber : Deflation Would be a Good Thing Thursday, 17 June 2010

Marc Faber the author of the gloom boom and doom report was interviwed by CNBC this 17 June 2010 : I think we are in a correction phase , we got over sold as of two weeks ago 10 days ago we're rebounding , I think we can go on the S&P to around this resistance level 1170 and then we will probably have a bad September October ...I wonder who amongst this table will buy now a Spanish bond for ten years at 4.91 percent ...
Spain is about to issue 10 years and 30 years bonds , but Marc Faber does not seem bullish on them ...he says better be in equities at this point than in Spanish bonds...Marc Faber says he prefers Gold and Gold Shares
Marc Faber :"I think any government intervention has unintended consequences and is negative"
6-17-10 Marc Faber of the Gloom Doom and Boom report talks with CNBC Europe about the global economy. Faber states that inflation is in system and would like to see deflation in global economy. He is buying gold because there is nothing else worth buying. These are highlights of the interview featuring Marc Faber.
The global economy is likely to slow in the second half of the year, according to Steen Jakobsen from Limus Capital Partners. But that doesn't mean that stocks can't continue higher, Marc Faber of "The Gloom, Boom & Doom Report" told CNBC Thursday

Marc Faber : rather be in Equities than in Spanish Bonds

Economy Facing Growth Slowdown - CNBC 17 June 2010

Marc Faber the author of the gloom boom and doom report was interviwed by CNBC this 17 June 2010 : I think we are in a correction phase , we got over sold as of two weeks ago 10 days ago we're rebounding , I think we can go on the S&P to around this resistance level 1170 and then we will probably have a bad September October ...I wonder who amongst this table will buy now a Spanish bond for ten years at 4.91 percent ...
Spain is about to issue 10 years and 30 years bonds , but Marc Faber does not seem bullish on them ...he says better be in equities at this point than in Spanish bonds...Marc Faber says he prefers Gold and Gold Shares
Marc Faber :"I think any government intervention has unintended consequences and is negative"



The global economy is likely to slow in the second half of the year, according to Steen Jakobsen from Limus Capital Partners. But that doesn't mean that stocks can't continue higher, Marc Faber of "The Gloom, Boom & Doom Report" told CNBC Thursday.

Marc Faber : Short the AUD Australian Dollar

This is what Marc Faber said in a recent interview:

" And as a special tip, I think I would short the Australian dollar, because talking about a housing bubble, Australia has 10 times a bigger bubble than China. In Australia you have what you said we don’t really have in China, namely the low leverage that we have in China, we have the opposite in Australia, very high household leverage. … So I think a big downfall is about to happen."

Marc Faber on bubbles and investment mania

Marc Faber : "Basically, we always have bubbles and investment mania in the world. Even in the 19th century, under the gold standard, from time-to-time investment manias and bubbles developed in railroads and in canals and in real estate, just to name a few. Under a fixed monetary, or gold, standard, where the quantity of money cannot be increased indefinitely; there is a natural limit to the scale of the crisis. Usually when there's a boom in one sector of the economy, you have some kind of deflation somewhere else; that was also the case in the 1970's. We had a boom in commodities, but bond prices collapsed.
What Mr. Greenspan and Mr. Bernanke have achieved is historically quite unique. They have managed to create a bubble in everything, everywhere in the world: in real estate, equities, commodities, art, worthless collectibles; even bond prices continued to rise as interest rates fell due to the loose monetary policy. Since 2007 and 2008, everything has collapsed. But government bond prices continue to rise, and went ballistic between November 2008 and December 2008, when 10- and 30-year Treasury yields collapsed. So my view would be that this was the last bubble they managed to inflate. From here on, the government bond market will fall. In other words, the trend will be for interest rates to actually go up." extract from his interview by Peter Schiff...

Nassim Taleb on the Credit Crunch

Black Swans of course (white ones, grey ones) and getting hate mail from bankers…

Marc Faber Governments are not good at running Banks and Businesses

Marc Faber interviewed by Tony Jones of Lateline ABC Australian Broadcasting Corporation
TONY JONES: "Some of those bubbles are collapsing, but let's look at the bailout package. In Britain, the Government is buying large holdings in some teetering banks, even a majority holding in the Bank of Scotland which is nationalization, because it will have a controlling interest. These are measures of last resort, the question is, will they work?"

MARC FABER: "Normally, governments are not very good at running banks or at running any businesses, especially not the British Government, as we know. We just have to look at public transportation. So I'm very skeptical that it will work very well and we also have to analyze the terms at which these banks are being taken over. Basically, the proper way to go about bailing out the banks is to let the shareholders lose everything at the same time, let the bondholders take a very significant cut and then the Government should come in, recapitalize the banks, nurture them to health and resell them. But to essentially bail out the banks and still let the shareholders get away with it is probably the wrong medicine. "

Marc Faber : Greenspan should never have been a Fed Chairman

Marc Faber :"The problems of the US economy have nothing to do with “global uncertainty”. Greenspan messed it up so royally that he now has to find an excuse for his disastrous handling of the economy over the last 10 years or so. Now, we are paying the price for the ill-fated US belief that all problems can simply be solved by easing, printing money and expanding credit. Mr. Greenspan should never have been a Fed Chairman and future historians will judge him very negatively."
Interview by KWR Int'l

Marc Faber — There is no other way out but to print money

Dr. Marc Faber on Goldseek Radio June 12, 2010

"It is no longer sufficient to analyze macroeconomic and microeconomic trends and individual companies and sectors; we now increasingly need the help of a political analyst who can warn us of what governments’ next regulatory ‘Schnapsideen’ (ideas developed while heavily intoxicated) are likely to be." Marc Faber

Marc Faber on His Book Tomorrows Gold

Marc Faber's book : Tomorrow's Gold

Marc Faber : .."...it is doing very well and it will be translated into several foreign languages. Many people have written to me that the book is one of the most readable and interesting investment books. In my introduction to the book, I wrote that I owe all my knowledge to people from whom I learned a lot including Henry Kaufman. Sydney Homer, Charles Kindleberger, and all the classical and Austrian economists. I also learned a lot from Alan Greenspan, so if I am one day the head of the Zimbabwe Central Bank, I won’t repeat the same mistakes…." interview with KWR Int'l

Nassim Taleb: Look to Mother Nature for Financial Solutions

Nassim Nicholas Taleb is an essayist, belletrist, and researcher.
The Black Swan author Nassim Nicholas Taleb says that solutions to the current financial crisis are simple. "Look at mother nature. Mother nature does not like leverage and mother nature does not like 'too big to fail.'"

Nassim Taleb is the best-selling author of Fooled By Randomness and The Black Swan: The Impact of the Highly Improbable. So called 'Black Swan Events' are climactic, random and hard-to-predict events that have been entirely unexpected, and often hitherto perceived to be impossible.
Taleb is currently a researcher at London Business School. He the Deans Professor in the Sciences of Uncertainty University of Massachusetts at Amherst, Fellow in Mathematics in Finance, Adjunct Professor of Mathematics at the Courant Institute of Mathematical Sciences of New York University (since 1999), and research fellow, Wharton School Financial Institutions Center, and Chairman, Empirica LLC.

Taleb held senior trading positions with trading houses in New York and London and operated as a floor trader before founding Empirica LLC. His degrees include an MBA from the Wharton School and a Ph.D. from the University of Paris. He is the author of Dynamic Hedging, Fooled by Randomness, and The Black Swan.

Investment banks are moving their activities to AsiaMarc Faber Investment banks are moving their activities to Asia

Marc Faber : For the first time in modern history the foreign exchange reserves of Brazil, China, Russia and India are larger than those of the G7 [group of industrialised] nations, representing a fifth of the world's wealth.

Some of this wealth goes to rich individuals so the banks have all moved to Singapore and Hong Kong to open private banking departments. I think that [this trend] is going to grow very rapidly over time.

This is not necessarily at the expense of the old European centres, because some Russian, eastern European and African money comes to Europe. But it is no longer the case that all money comes to the US and Europe.
Source : swissinfo

Marc Faber : Cash and bonds will be very dangerous

SEOUL: Investor Marc Faber said cash and bonds will be “very dangerous” in the next 10 years as governments increase money supply to cover fiscal deficits.

“There’s no other way out but to print money,” Faber, the publisher of the Gloom, Boom & Doom report, said at a forum in Seoul on Wednesday. “In the long run, all paper money will go exactly to its intrinsic value, which is zero.” Faber advised investors to protect themselves with assets such as gold and silver. source Bloomberg.com

Marc Faber vs Arthur Kroeber : Is China in a Bubble

Dr Doom and Dragonomics lock horns over China's Bubble 08 June 2010

Reuters Insider Roadshow Is China in a Bubble : Arthur Kroeber founder of Dragonomics and Marc Faber editor of the Gloom and Doom report :
a crash in China should not be ruled out says Marc Faber
"well i want to clarify my position about China , I have argued for the last three months that the Chinese economy would slow down and that a crash should not be ruled out , it is not that I think that the whole thing will collapse right away , but let me explain to you the contest in which I see China and also the investment opportunities , first of all , we had as you know an economic crisis in 2008 - 2009 during which asset market collapsed and then a recovery recurred but basically what happened is that none of the causes of the crisis which were excessively expeditionary monetary policy under our money printing in the United States that led to excessive credit growth have been addressed , what has been done is essentially through fiscal and monetary measures globally and especially through huge fiscal stimulus to essentially postpone the problem , so nothing has been solved , and where as Mister Bernanke may be an expert on the depression 29 to 1932 he is an expert on the depression except for what caused the depression that has to be clearly understood , and most economist today they essentially do not understand what cases huge monetary and economic instability ....." etc...
Marc Faber to Kroeber : "I do not disagree that if you look at fiscal stimulus in China, at least at the end of the day they have infrastructure. In the U.S. they have nothing but debt, and ignorant people. "
'If you believe your story about China, which I've said, I think in 20-30 years time the Chinese economy will be much larger and more prosperous. People who bought the first U.S. shares at the beginning 1800's, and throughout the 19th century... it was a disastrous investment in the long-term. All they had to do was buy in the last 20 years..."
Kroeber: 'The answer to that is, and I know there are a lot of people here with a lot of experience, but you have no idea how big China is, none of us does. Take steel, people have been talking about over-capacity in the steel industry since China had capacity of 200 million tons, today it has a capacity of about 650 million tons and domestic consumption of 600 million tons. So if China had believed everyone's warning about overcapacity back then they had 200 million tons of steel production, steel would probably be worth as much as gold today. Fortunately, they didn't listen, they built all the steel plants, and they've absorbed most of it."

Note : the transcript is approximate and may not be 100% accurate

CLICK HERE TO WATCH THIS INTENSE DEBATE>>>>

Marc Faber Keynote Speaker on The Kitco Metals eConference 2010

June 05, 2010 — Welcome to the Kitco Metals eConference, an online, two-day event showcasing all aspects of the metals industry, with a primary focus on precious metals.

Investment and networking opportunities in metals exploration, mining, manufacturing, processing and end-use applications will be presented and discussed live and in real time on September 12 and 13, 2010.

Keynote Speakers include Congressman Ron Paul, James Dines, Marc Faber, Frank Holmes and many, many more.

Communicate in real time with presenters, exhibitors and other attendees, through webcam, text, or email.

To register for free, or to receive more information about the Kitco Metals eConference, please visit www.kitcoeconf.com

Marc Faber on Money gold, commodities and equities

Bearish About Everything, But Quite Happy to Hold Physical Gold
Marc Faber, the legendary investor and the author of Gloom, Boom & Doom Report shares his outlook on various asset classes including gold, agri-commodities and equities.
Marc Faber : "In my view, the Federal Reserve has effectively demonstrated it is willing to risk hyperinflation in order to beat back the deflationary forces."
"Stocks could go up and the economy can deteriorate...Government official should stay out of the economy... Mr. Obama and his clowns around him don't understand... they're going to destroy the economy."
“It’s a race in the purchasing power of paper money to the bottom, and the only assets that will, for sure, keep their purchasing power are precious metals.”
“In the long term, as I always said, we are all doomed, but in the meantime, because of the volatility in the markets, you can make money. The key is to know when to stop, and when you stop, how and where to allocate assets.”

Marc Faber speech at the Mises Circle in Manhattan on 22 May 2010

Marc Faber : Mirror, Mirror on the Wall, When is the Next AIG to Fall?

May 28, 2010 — Presented by Marc Faber at "Austrian Economics and the Financial Markets," the Mises Circle in Manhattan on 22 May 2010 in New York, New York. Includes an introduction by Mises Institute president Douglas E. French.

Marc Faber: Make Money On Stocks Volatility While Holding Physical Gold

Dr. Marc Faber told investors to buy stocks on March 9, 2009 when S&P reached its low since 1996, and predicted a 20% decline if the index broke a new high.
Now with the S&P down about 13% from that high, Faber talked to Bloomberg on May 24 about his latest call on the markets, economy and what he thinks are the best place to invest now.
S&P – Support at 1,045, Resistance at 1,200
Faber now thinks the stocks are oversold in the near term on extreme negative sentiment … visit site to read more >>>

Overcoming Bank Lobbyists Fight Against Financial Reform

Matt Taibbi on White House Response to Oil Spill

May 27, 2010 — Rolling Stone's Matt Taibbi on the financial reform bill passing in the House despite efforts by the banking lobbyists.
Rolling Stone's Matt Taibbi on the administrations slow response to the BP oil spill.

Marc Faber the sovereign crisis in Greece was a catalyst to knock markets down

Faber : US Bonds are better than Sovereign Bonds in Europe right now

Marc Faber : I think first of all the market became very over boat in mid-April and the correction was long overdue. The technical position of markets had deteriorated. So I think the sovereign crisis in Greece was kind of a catalyst to knock markets down. And it was a reminder that a number of western states, nations including the U.S. eventually will have liabilities that are excessive compared to their economies and so either taxes will have to go up or expenditures will have to go down, or a combination thereof, which then will not be particularly favorable for economic growth.

and when asked if Marc Faber would rather keep his money in the US view the global situation worldwide from Europe to Thailand etc , Marc Faber answered :
" Well, I think that near-term, obviously, what has happened is like in 2008, asset markets went down and the U.S. dollar went up. And essentially since November 25 of last year, the dollar has been strong vis- a-vis the Euro. In other words, the Euro has begun to weaken and as the dollar then strengthen, asset markets came down again because a strong dollar is an indication that global liquidity's tightening. And so we have a similar pattern like in 2008. But I wouldn't call the U.S. dollar and U.S. government bonds to be safe. I just think they are right now for the next three months may be the better option than say sovereign bonds in Europe. "

Marc Faber : I am bearish about everything - Bloomberg 5/25/10

Marc Faber on Bloomberg 5/25/10

May 25 (Bloomberg) -- Marc Faber, publisher of the Gloom, Boom & Doom report, talks with Bloomberg Television about the outlook for U.S. stocks. (This report is an excerpt of the full interview. Source: Bloomberg)

Marc Faber Discusses Outlook for U.S. Stock Market- Bloomberg May 25 2010

May 25 (Bloomberg) -- Marc Faber, publisher of the Gloom, Boom & Doom report, talks with Bloomberg Television about the outlook for U.S. stocks. (This report is an excerpt of the full interview. Source: Bloomberg)

Marc Faber on Bloomberg: S&P 500 Could Fall Another 15% 5/24/10

Marc Faber, publisher of the Gloom, Boom & Doom reports, talks with Bloomberg's Tom Keene and Ken Prewitt about the outlook for U.S. stocks.

Faber says global stocks are in a "correction period" and believes the Standard & Poor's 500 Index could decline another 10-15 percent. He also discusses the violence in Thailand.


Marc Faber who lives 700 kilometers from Bangkok : ...basically the country is very peaceful the population is not aggressive they're very tolerant they are a very permissive society , and I think for most Thais including myself to see burning buildings in BANGKOK was really a shock , that's nobody could have anticipated , if a year ago someone would told me that buildings will be burning in BANGKOK I never have believed it , so I think they're some reasons why it happened it is a complex story basically a populist leader that had the support of the ruler who is Mister Thaksin came to power and was then ousted by a military coup in 2006 and then a new government was installed which was more the bankers aristocracy and Thaksin then was condemned for corruption and had also to pay a fine and is in exile and he was again .., he managed again to rally the tour behind him to start the demonstrations , where it has to be said it is not proven that he paid the demonstrators but it is very likely that he paid the demonstrators who have been paid about twice what they would be earning in their salaries if they were working in factories and so on and so forth...and then the trouble went out of hand whether that was again directed by mister Thaksin or he lost control of the movement , that what happened and the violence erupted ...
basically calm has returned because you have to say one thing as in most people in Thailand do realize that Thaksin's aim and red shirts aim is actually not to boost the standards of living of the poor but just to use them as kind of human shield and an excuse and to buy their vote it is not about their group of leaders taking money and then redistributing money to the poor it is about their group of leaders getting hold of the money pot that's now is in the hands of the bank of elite and then carrying out the regime amidst the same or even worse corruption ...etc...

Marc Faber explains The Thailand Crisis - Bloomberg 24 May 2010

S&P 500 Index May Tumble as Much as 15%, Faber Says

Marc Faber who lives 700 kilometers from Bangkok : ...basically the country is very peaceful the population is not aggressive they're very tolerant they are a very permissive society , and I think for most Thais including myself to see burning buildings in BANGKOK was really a shock , that's nobody could have anticipated , if a year ago someone would told me that buildings will be burning in BANGKOK I never have believed it , so I think they're some reasons why it happened it is a complex story basically a populist leader that had the support of the ruler who is Mister Thaksin came to power and was then ousted by a military coup in 2006 and then a new government was installed which was more the bankers aristocracy and Thaksin then was condemned for corruption and had also to pay a fine and is in exile and he was again .., he managed again to rally the tour behind him to start the demonstrations , where it has to be said it is not proven that he paid the demonstrators but it is very likely that he paid the demonstrators who have been paid about twice what they would be earning in their salaries if they were working in factories and so on and so forth...and then the trouble went out of hand whether that was again directed by mister Thaksin or he lost control of the movement , that what happened and the violence erupted ...
basically calm has returned because you have to say one thing as in most people in Thailand do realize that Thaksin's aim and red shirts aim is actually not to boost the standards of living of the poor but just to use them as kind of human shield and an excuse and to buy their vote it is not about their group of leaders taking money and then redistributing money to the poor it is about their group of leaders getting hold of the money pot that's now is in the hands of the bank of elite and then carrying out the regime amidst the same or even worse corruption ...etc...
“The market became very overbought in mid-April,” Faber said in a Bloomberg Radio interview today with Tom Keene. “The S&P could still decline by another 10 percent, maybe 15 percent.”