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The legendary investor, economist and market researcher Dr. Marc Faber believes that the central banks (CB) will not restrict money printing. Just the opposite. He predicts that central banks will print even more money at a faster pace to keep the failing economic system together for a while longer. Dr. Faber explains: “What is considered safe, namely cash, is no longer safe. It’s unsafe. You ask me what is safe? I no longer know what is safe when you have money printers that print money indefinitely. I don’t think you can stop. I actually think they need to speed up their money printing. So stocks can go up, but it really doesn’t mean your standard of living will go up. Perhaps the living standards of the 50 richest people in the world will rise, but not the standard of living of the typical American. . . or the average American. This standard of living will decrease. . . . All the money printing is a desperate measure to save voters from rebellion. “
Dr. Farber predicts that we will see not only higher wealth inflation but also dramatic wage inflation. Dr. Faber, who has a PhD in economics, says, “I think what’s going to happen, and most people didn’t really think about it, we’re going to get wage inflation. For the first time since the late 1970s, we will see accelerating wage inflation, and in some cases quite dramatic. In some states, the minimum wage is $ 15. I could see it went up to $ 30 an hour very quickly. I don’t think inflation is “temporary” (as the Fed proclaims). We won’t have stagflation. We’re going to have something worse. We will have rising prices and falling standards of living for most of the people. “
Dr. Faber says the US stock market is “overpriced and over-owned”. He likes overseas stocks, real estate “far outside the cities”, and physical gold, silver, and some cash. Faber also likes some cryptocurrency in the portfolio.
Dr. Faber is less concerned about the economy and more about the rise of socialism and communism in the western world. Faber claims that socialism is destroying the economy and freedom. Faber points out: “I can give you one characteristic of all the socialist countries I have visited in my life and all of them have had less freedom, less happiness than us, and the standard of living was considerable, not a little, but considerably lower than in of the free capitalist world. . . . I’m sorry to say that I think the western world has embarked on a very dangerous path where essentially everything is free with zero interest rates. Then you get the unintended consequences. “
So is there a possibility of war if inflation rises and living standards in the West fall? Faber says: “Right. I think once this Covid19 thing is over, the elite that make the money will go to war. That is the final recipe to keep the population together. “
Join Greg Hunter for a one-on-one interview with Dr. Marc Faber from the “Gloom, Boom & Doom Report”. 9.4.21