An interesting comment Marc Faber makes is when he compares how the U.S. government is paying it’s debts by essentially running a Ponzi scheme. Basically, at current levels, the U.S. government could barely pay the interest on bonds it had previously issued. It is currently paying the interest by continuing to issue new bonds. But, at one point the interest payments will be so high that newly issued bonds will be worthless.
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This follows Marc Faber’s Bloomberg Radio interview and is a bit more informative as the topic of Thailand’s turmoil isn’t touched.
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Below is Dr. Marc Faber’s appearance on Bloomberg Radio. This was soon followed by his appearance on Bloomberg television.
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While Marc Faber continues to be bullish on gold, he emphasizes this may not be the best time to be a buyer but one should buy gold on a regular basis over the long haul.
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The future isn’t rosy for the U.S. in 2010. Marc Faber expects 2010 to be much more difficult after a 2009 stock run from its March lows. One of the biggest, if not the biggest, concern for Dr. Faber is the national debt and its interest rates which will potentially go up in the next 5 years. Also on Marc Faber concerns are credit bubbles in China and Dubai along with rising stock prices in certain emerging markets.
“Money printing doesn’t create wealth”
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Jim Rogers