The Next Crisis

Posted by Marc Faber - Business Intelligence

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Click HERE to watch (might have to scroll down a touch) or read the summary below:

No revival in US; big economic crisis ahead:

INTERNATIONAL. Marc Faber the Swiss fund manager and Gloom Boom & Doom editor reiterated that a big economic crisis is ahead of us as nothing has been solved in the current crisis.

Speaking to India’s CNBC-TV18 Faber said: “The cause of the financial crisis was excessive debt growth that was essentially produced by notably the American Central Bank, the Federal Reserve.”

“Now the same people who produced the crisis namely the policy makers in the US, are still in-charge and if you look at what has happened in the US over the last 6-9 months, nothing has been solved. It has been postponed through fiscal and monetary measures, precisely the measures that brought about the crisis in the first place.

So I think enjoy your ride in asset classes as long as it lasts but I think we are seeding the next crisis and it may happen in the next three months, maybe tomorrow, maybe five years, maybe only in 10 years but I think the big crisis is still ahead of us.

Exlaining his pessimism, Faber said the same fiscal and monetary mistakes from the past are being repeated.

…read full article HERE.