Marc Faber: buy gold, silver and platinum to survive inflation and tyrannical governments

foreign [Music] welcome back to small caps ladies and gentlemen My Name is Kerry Stevenson and today I'm really delighted to bring to you mark Farber Mark Farber is the editor and publisher of the Doom Gloom and boom report now you can find that on Gloom boom doom.com Mark thanks so much for joining me on small caps I've Loved listening to over the years in person a long time ago but you're now living in Chiang Mai let me start this conversation Mark if we could by you know just asking you we're in a mess globally at the moment what should we have done to not get into this crazy position we're in at the moment well I think uh the answer is actually quite simple I believe that central banks went off their mission essentially which is to uh the sea to it that money is has some value in other words your paper money that it doesn't depreciate that it's a store of value and that's that it is a reliable uh unit of account and somewhere in the 1980s that mission got lost in the boom of assets because as the E is the monetary policies and I have to explain here uh the central banks easy monetary policies were kind of forced upon them by growing fiscal deficits the government they can have deficits but in order to cover the deficits the fiscal deficits they ought to increase taxation okay so your personal income tax goes up and the sales tax in the Department's doors goes up but these are visible taxes and individuals don't like to be taxed this is a one of the human Natures they don't like to pay taxes but if the tax is invisible and let's face it that inflation is a tax it arises because fiscal deficits are financed by money printing so all the years of essentially deficit financing and all the years of asset appreciation were inflationary but it was an inflation that the public likes in other words when home prices go up they like it they don't like it forever because as home prices go up and that's the commercial properties go up in value eventually rents also go up and that is something that the majority doesn't like because the rental the expenditures is paid by the majority that doesn't own commercial properties is a minority that own a lot of commercial properties and even home prices is not obvious that it's beneficial but initially it people liked it you know this asset inflation and the portfolio managers all uploaded the central Bankers because portfolio managers get paid by the appreciation of the Assets in other words you manage a million dollars it goes up by 20 percent the per annum every year the asset grows and therefore also your fees this is of course uploaded by the financial community and the bonuses go up to the financial Community is actually also guilty in the sense that they encouraged and tolerated the irresponsible monetary policies but I would say especially after the first financial crisis in 2000 2002 the federal the Federal Reserve in America the Fed they kept interest rates artificially low and they deliberately produced uh housing bubble that was a deliberate action supported by Keynesian like foreign and also Bernanke said yeah well you know these home prices go up we can postpone the problem sensible so they kept interest rates artificially low and we had this gigantic housing bubble uh with low quality credits subprime lending and suppose then it collapse and led to the great financial crisis of 2008-2009 and after that the FED doubled down and kept interest rates near zero and in Europe the genius is at the ECB went into negative interest rates you understand yeah and that was really a colossal mistake especially since they kept these zero interest rates and below zero interest rates at those artificially low levels for far too long they should have maybe for a year I could understand they would have said well we want to kind of solve the financial crisis and there was but it's not the solution it's just postpones everything yeah and now when inflation you see inflation is a very complex issue because when stocks go up people will say it's a bull market when the property Market will goes up it's they say it's a bull market but when the price of carrots and potatoes and fish and meat goes up they say it's inflation yes it's Consumer Price inflation the other is an asset inflation but in character both are the same and both are undesirable because the asset inflation produces a generation of people who cannot afford to buy properties unless they leverage you know to the health you know they borrow 90 95 or even 100 percent so that these were monitoring mistakes that occurred and because interest rates were at zero it encouraged people to have zombie companies yeah you understand if you borrow at 10 per annum you have to achieve a profit of say 12 or 15 to 20 to make a deal out of it but if your cost of financing is zero yeah you don't need to show a profit for years you can keep on postponing it so that created a lot of misallocations of capital and that I think it was the mistake that could have been avoided but you know in a bubble the FED brings money and the people are uploading it nobody is critical because they have the wealth effects so they're happy yes they have a wealth effect everybody becomes a billionaire in Vietnamese dong they've kicked the cat down the road and they've continued to kick the canvas is this the end of the road mark well that this is a question we investors than Observers always ask us when when is the end do you understand I knew people in the mid 80s they thought the debt growth in America is unsustainable and that the whole thing will collapse okay we had one day collapsed in 87. those are in Australia where all these entrepreneurs the Australian entrepreneurial stocks they got slashed by 50 in one day but afterwards it recovered with different stocks but it recovered and the property Market has kept on going up and so forth and then the opening of China was of course good for the world in due respects first they had a very large and growing demand for industrial Commodities which was beneficial for Australia and two because they produce Goods at the low prices compared to what we can produce in the western world their share of export markets grew but they also caused disinflation in good prices yeah in others if you bought a telephone in year 2000 it was basically cheaper than in 1990 certainly when you considered the quality improvements but also car prices and so it was good prices appliances and so forth didn't go up in price much Services did go up but at the central Bankers have a funny way to calculate inflation oh don't they yeah which understates the cost of living increases of people yeah but you don't do referring to your question do you look at Argentina and you look at turkey turkey as an inflation rate of say 80 percent and if you and I go on a romantic walk on the rep on the side of the phosphorus in Istanbul life is normal you would notice that they have 80 inflation and this is one of the concerns I have at the present time okay the FED has increased interest rates but the last time inflation was as high as it is now was in 1973-74 yeah and by then you say they didn't have what we call today the FED fund rate they use the essentially the prime rates the lending rate but it was at 12 percent wow today it's you know the 10 years treasury bond was over nine percent at the time and now the treasury the 10 years is at less than four percent about 3.5 percent so inflation adjusted the reality is that interest rates are still far too low the inflation rate is like I don't know each household has a different inflation rate but is it is between say six percent the minimum to 12 yeah the cost of living increases yesterday I saw the cost of living increases in Europe in the EU for food up 15 percent doesn't surprise me and you understand this is a social issue because the rich people say I consider myself reasonably with a reasonably fortunate whether the cost of rise or of beef or pork goes up 20 or not is not a factor in my uh overall expenditures but for a family in the low income brackets yeah I can tell you they all suffer and I've maintained this for years that the standards of living of the lower classes had gone down compared to the parents and that young people today inflation adjusted earn less than when their parents were 35 years old and they have less money than their parents had when they were 35 years old well we have statistics is not my invention produced by the Federal Reserve in America except the Federal Reserve board members they don't don't look at these statistics they're busy polishing their images and giving speeches and forecasting and playing the political game and so they are not they don't understand recently a Fed uh governor the head of the San Francisco fed said you had this inflation but it doesn't touch his doesn't touch me because they're not they're not ordinary people you understand they all drive around in limousines they have bodyguards and so forth and so on and protected homes But Ordinary People they suffer and that I'm sure also in Australia if you go to the workers their wages have gone up but not to the same extent that the cost of living has gone up so in other words if you measure truly an economy according to the standards of living we are all in recession because the wages have gone up less than the rate of inflation and then people who had who have borrowed money at variable rates it depends if you borrow money for 50 years at two percent is one thing but if your mortgage is adjusted every month according to the Reserve Bank grade or to the FED fund rate then now interest rates are going up the squeezes households it is squeezing households we are I have no doubt yeah it feels to me like that the the middle class is disappearing we've got the sort of the one percent and then a big long tail and you said something pretty interesting before which is inflation on the food side of things like when people get hungry they can get pretty unhappy do you think that we're going to see a lot more social unrest given what's going on at the moment well this is a very important question and uh it could we could see more social unrest but you understand the public has become fearful of the government it's a tyranny of incompetent bureaucrats and we've seen this incompetence in regard to kovid right away the governments all over the world they told people you have to get a vaccinated and some who didn't want to get vaccinated they were sent into camps into like a leopard colonies yes and these are democratically elected officials unless you think about this here I grew up in an environment at school they always told me oh we are a democracy and we are free this is all nonsense we are less breathed and if there was a king because the king would be deposed right away or killed or assassinated but in a democracy the bureaucracy has such a power and they can tell people well if you don't get vaccinated uh you're not going to get the job yeah so what do you do you have two small children at home and the wife that complains about everything anyway [Laughter] it's a usual story it's vice versa as well to be politically correct but uh then uh obviously the guy has to get vaccinated to keep his job yeah and so I've I've noticed this in because I have many clients in America and readers up to a few years ago people were quite critical when you sent them an email and asked them about something you know and also in discussions now people shut up they're scared yeah and and this is the reality yeah and it's getting more intrusive isn't it I mean it's interesting Mark today I had a phone call uh and I don't want to get I don't want to get us banned or anything but I had a phone call today from the bank and the the things they were asking me I said why are you asking me this is very personal information which I don't what oh it's all about the rules and regulations that have changed it's but but there's no pushback anymore Mark we've lost the art of critical debate and critical thinking well this is exactly what I discussed with a friend of mine who is a private Banker in Switzerland I said to him how is it that people in Banks don't fight all these additional requirements that are imposed by these uh and dumb stupid compliance people in the various banking commission and Securities and Exchange Commission all these regulations are completely useless but they bothered the clients with it I I mean my some of my prayers private bankers and so what they tell me half the time is filling out forms I can't believe that I die when I started to work for white wealth in 1917 America then I came to Hong Kong in 73 and I've lived in Asia since then both at y12 and later at Rick's Laburnum where I worked I could open an account with one sheet of paper this size 84. the client got to sign at the bottom here and the account was open no passport no questions asked nothing later when they wanted to trade for options they had to say another form down here but simple and nowadays you get like the booklet they think yeah papers to open an account ridiculous a normal person I I've studied but I'm not a lawyer I wouldn't understand this and to read this would take me a month you think I have a time to read four months and no one does nobody does and so I asked my friend how how is it that the staff of the banks don't oppose all these new regulations he said to me Mark is very simple the bank staff they all are paid the salary as we know Bankers all of them all of them are overpaid some are grossly overpaid and some are less overpaid but the reality compared to say small business owner whether it's a plumber or Carpenter or whatnot he will never make the money a banker makes but they are employees and they get a high salary relatively speaking with no responsibility because they can have their money somewhere else you know if the bank goes bankrupt they get their pensions their number one ambition is not to get fired absolutely so they shut up yep and the whole bureaucratic system is built nowadays on people shutting up it's like the smaller bureaucrats at the bottom they think their boss is up there are complete idiots but they will never voice an opinion because they depend on the bosses up there to promote them and it is true in the bureaucracy the higher you go the more the people become stupid where does this leave us as a a as a as a population globally I mean it seems to me it's all messed up and yes you know we we have to see the people messed it up because if you look at the economic history of the 19th century 1800 to 1900. is a world of Entrepreneurship of people they went with the carriages from the East Coast they traveled through the territories of Indians and they set up small towns in America yeah and small Industries and if they failed who helped them nobody nobody nobody the government was not the factor the taxes in those days until 1910 in the U.S and in Europe where on average about nine percent of GDP wow sorry to interrupt you back I thought taxes only really truly came in after the FED started in 1913. yes correct before that until 1910 there were like nine percent they had taxes because the government had to finance you know the the bureaucracy but the bureaucracy was small right and the government in the U.S had to finance Us in Europe and there was Wars yeah that was always a big Pastime now it's also come to Australia I think I think the Australians are mad to get this uh the nuclear submarines but that isn't it it's a different story but you understand uh people were dependent on themselves that personal responsibility and these people traveled alone or with entire families and the wives at the small children into the unknown this was a different spirit and now over the last 50 years and so we have a creeping uh socialism correct in other words uh if anything goes wrong the government must help must nobody is responsible for what he does everybody's a victim I'm was a victim of the system I I've suffered All My Life as a victim and so forth and so on so the mentality has changed and the state has expanded like a cancer from say nine percent or ten percent of GDP do now in some countries sixty percent of GDP and how can you have economic growth when the government is 60 of GDP oh people just don't bother us they just turn around and say there's no point there is a point and you know in socialism we have huge black markets now we have increasing smuggling and black market activity in other words someone has a job but he also fulfills the other jobs on the black market in those you live in a neighborhood and you happen to have some skills in kind of plumber your plumber then the net you can go and fix something in your neighbor's house yeah and a neighbor maybe has some skills in cutting wood so he'll cut some wood for you and do some carpeting work in your house and so forth so there's an informal economy building up is it that more like a bada system because right here in Australia and globally Mark what we're seeing is more control with Central Bank digital currencies and the cash you know here in Australia there's a lot of places now that say we don't accept cash anymore a lot more control coming in and if you've got that sort of control the only way to go is back to bartering yes correct I mean they want to control everything and they want to know from each citizen what they spend and what they do actually for what is not entirely clear to me because the cost you know when you have Taxation and that's this was the subject of my thesis is very complex because the cost of collecting attacks may actually be higher than what you collect yeah and and when and I'd like to add here and this you know this is another subject the wealth inequality of course when we have inflation the wealth inequality grows because some people start with no assets they finish school with no asset but my neighbors they finish school with a collection of Rembrandts and picassos and monets and so forth lots of assets so in an asset inflation my neighbor's net worth goes up more than I can ever earn with my income this we have to realize so wealth inequality goes up but there is another aspect to consider uh the wells inequality leads to as you suggested to social discontent and it leads to the impoverishment as you pointed out of the middle class and lower classes and the concentration of wealth at the upper level among the one percent yeah so I mean where does it all lead we don't know but I think looking at the feds they are now concerned that increasing interest rates too much would have a negative impact on some sectors of the economy in particular at the present time on Commercial Real Estate there's a huge sector in the market you know shopping centers and Office Buildings hotels and so forth and so on and this has been financed by Regional Banks and the original banks are not in a good shape so they are reluctant to increase interest rates too sharply which they should do according to the rate of inflation we have and by increasing a little bit the system will adopt in other words let's say inflation is six percent then the unions will go and say we want to have a wage increase of six percent okay Paul agreed is fair or they should get eight percent or nine percent but anyway they get an increase but then the wage cost goes up and the entrepreneur the businesses I mean whether it's PHP or Rio or whatever it is they will then increase the prices by those increase in labor cost and they will also increase prices according to the increased cost of interest payments because they have large borrowings so it's the way inflation becomes uh endemic into in in the system I mean I was a Fed chair one said inflation is like a tooth based it's easy to squeeze it out once it's articulated difficult to push it back in absolutely yeah so here we are as investors and then you ask yourself how the question is no more how do I make the most money the question among asset holders is how do I lose the least I believe uh okay I'm old-fashioned in this respect I think the best is probably two on Gold Silver and platinum physical because they've always done what they do best which is protect your wealth against Rising inflation there are other things that do better from time to time than gold because gold doesn't produce anything you know the corporation like Microsoft has a cash flow and service but in a period where you want to preserve money the value of your money you can only increase the quantity of Gold Silver and platinum to a very limited extent you can increase the printing of money to an unlimited extent do you understand the government can issue more and more paper as long as deeply it becomes Monopoly money it's like it's it's you know the house can be worth 10 million dollars no one you know it doesn't matter but gold will come back when I grew up my father was a plus I mean the orthopedic surgeon and the ACT mostly you know Sportsman uh as clients cyclists and football players and so forth soccer players and and then anyway he was a high earning person because he was a specialist and he always said oh my friend here he's a millionaire it was a big thing in the 1950s to have a million dollars absolutely if you go nowadays to any nightclub and you tell them I have a million they laugh at you because yeah until you've got a B you have to have a not one billion rich is 10 billion 20 billion plus billionaires they're like 5 000 around the world already okay so for our audience that is sitting listening to you at the moment who are a little bit confused about what to do you said a moment ago in this sort of environment Gold Silver Platinum and physical are you saying that birth vacation is not your friend at the moment so other hard assets and inflationary I guess what I'm trying to get to is you know what should people be doing just having a look at Google yeah and this is not Financial advice by the way ladies and gentlemen this is Mark and I having a conversation please do your own research we're just sort of muddling around about what's going on out there in the world but it's not considered Financial advice but Mark it's just a it's a crazy world at the moment well first of all when you ask me what should people do with the money uh if I were a doctor you would come to me and say Mark today what kind of pill should people eat I would tell them you will survive a long time by drinking beer and smoking a cigarette especially if you smoke in a place that is not allowed to smoke I love his irreverence I love it and then you do have a whiskey before you go to sleep and then you sleep well but as an investor you understand there are some young people there's medium age people old people every person has a different risk profile yeah for instance if my portfolio goes down by 10 percent I don't have sleepless nights but some people have yeah so my advice as a general advice at all times you should be Diversified you should have some real estate and some stocks some precious metals if you like art by by all means some art and collectibles and so forth and the young people you know they like Bitcoins and cryptocurrencies and so worse some have I guess the concept has value whether all these CR the problem is not Bitcoin the problem is competing currencies so the supply of competing cryptocurrencies can can grow and grow and there are some issues with cryptocurrencies and the issue would be in the case that our friendly governments the democratically elected decide to shut down the internet for the population wow that possible well is it possible to lock in people in the 5 000 years of human history nobody has been this stupid to locking people but our democratically elected officials who travel to Davos and then tell the world or we all in the form in favor democracies and the freedom and we have to fight these ugly Russians because of anti-freedom and so forth these people they locked down the population yeah and the population sat there and didn't do a thing except a few Australians they went to the street but you saw yourself what happened with them they were beaten up by the police by the friendly policeman I know because the policemens were told if you don't beat them up you don't don't get the promotion I think the bureaucracy is the worst leadership we can have in any system because no bureaucrat is responsible they will always say oh I have to search you at the airport sorry but this is my job my order I have to do it I don't like to do it but I have to do it yeah you have to look for your nail clipper yes and for you eye drops the bottle is this big that I have to do it because I've been told by the prime minister it's it's getting worse and we're getting more bureaucratic and it's it appears to me well this is here in Australia that it's a very comfortable thing to be in bureaucracy and it's very safe and it's very secure and you can sit back and you know you don't have to to do too much is that just going to continue are we all eventually going to work for the bureaucracy you mentioned social maybe we just turned to to a socialistic style of work maybe perhaps being a politific Revolution in Russia started with the brilliant idea to overthrow the aristocrats that own the land and the tsar and so forth what did they do offers they took the land away from all the peasants from all the farmers and nationalized everything then what happened to the industrial production and farm production it collapsed yeah and you had masturbation masturbation the Bolsheviks killed many more people than anyone else in history history the gentle and and then you we have all these young people who are marxists and talk about we need more socialism we need the government to do more now we need the government to do less and to step back and to reduce regulations this is the reality yeah but that's kind of like anyone who sits there and doesn't fight he is to some extent guilty but isn't that just like inflation once uh once you've got it out like once people get used to something it's very hard for them to change the way they yeah I agree this is the danger of demagogues and politicians and as I said initially the inflation was uploaded by many people but the fund manager he also has a wife and a mother and when the mother tells him oh this inflation is hurting me because now I have to pay this more for the potatoes and that more for the mutton and that more important beef starts to listen before he was always uploading when the central banks was printing money yeah so do you think we're at a a crossroads right now Mark I'm not sure we have reached a crossroad but we've reached one Crossroads that I'm 100 sure inflationary cycles and interest rate Cycles are very long-term Cycles I don't want to go back to 1800 and tell you each peak of interest rates and each peak of inflation and these drop but the laws say two major Cycles were 1942 in the second world war interest rates in America bottomed out as well as inflation then after the war in the 50s and 60s interest rates arose gently they Rose but not uh too much in the 70s we started that's when I started to work in 1970. the essentially prime rate in America was at six percent the bond yield the 10 years so those at six percent it went to 15.84 in 1981. okay yep that was the peak of interest rates 1981 the low in the stock market was 1982 August by then the Dow Jones was at the same level 10 in 1966 so 82 16 years and in real terms the inflation Justice had declined by 70 percent right after 81 and 82 interest rates were in a downtrend gently but steadily all the way and the love in interest rates in my opinion this is an artificially low pay engineered by the FED but it was in May August 2020 when the 10 years treasury yield was at 0.57 percent since then inflation has accelerated and interest rates have been in uptrend I think this inflation uptrend and interest rates uptrend will last at least 20 years well at least interrupted by setbacks now we had a bout of inflation now commodity prices have been coming down and because of the demand destruction in the system so we are all basically in a recession the if you compare today's economic activity to 2019 everywhere is less is down industrial production traveling and so forth but uh the rate of inflation will come down now but then the FED will cut rates and then it will re-accelerate so like in the 70s inflation at the beginning was not high and then interest rates in 74 76 fell and then they rose again to 77.78 and then they fell they rose again we're gonna pick swings like in a bull market you have correction up correcting up corrected in a inflationary cycle you have bouts of inflation it comes down and then the next way becomes and you don't think that the central banks are going to step in and stop that from happening and really try and control it a lot more than they have back in the 70s no the system is bankrupt yeah the Pension funds how the pensions would be paid if the Pension funds their assets drop by 50 percent the people don't get paid yes how do you explain to your parents and grandparents sorry old faults I don't want to pay more tax so your benefits will go down by 50 percent this is a huge problem the system is basically broke the only way is to go the Turkish way and ask a tight way as to print money and that's what they'll continue to do I suspect they will talk to you they will give speeches and say we are fighting inflation we are fighting for democracy and peace and then they go and bomb innocent people in Syria in Afghanistan in Libya everywhere is obvious that's a technical term ladies and gentlemen um Mark um I I don't want to to to finish this conversation before addressing what I think is quite important and that is something people are talking about the bricks uh the the the move I guess from uh the West to the East and the potential for that sort of U.S LED strength of the US dollar to be slightly changing as countries like Russia and China and gold some of the Gulf States to turn around saying we're not going to we're not going to use US Dollars you know I'd love your views on if you think there's going to be a move away from the US dollar well I think every investor can understand this very well if you have your foreign exchange reserves in US Dollars like the Afghanistan had or Russia had and then some people in the U.S come and tell you uh your reserves are frozen yeah who on Earth and in his right mind would hold taller reserves with the FED in the U.S exactly you you really have to be brain damaged to do that as a government and so I think it's quite logical that countries such as India and China and Russia and Brazil and Indonesia and Pakistan Bangladesh is all countries with more than 200 million people that they say well if we trade with China we settle in yuan in the Chinese currency or in our local currency we bypass the Swift system in New York and yes I think that I mean I discussed this depreciation of paper values the dollar hasn't lost much of its value against the Euro you understand the paper currencies all over the world have gone down together in value yeah in other words uh your Australian dollar today buys less than 20 years ago that is the depreciation in the purchasing power of money has happened all over the world but your Australian dollar today has less value against gold compared to 20 years ago 100 and so my view is that paper monies all over the world will lose value against gold and silver and platinum with ups and downs you know there's a lot of manipulation in the market as well and the trade Traders and when the price of gold goes up is actually interesting so for as an example in a country where I live in Thailand people will sell their gold when it goes up because in bad economic conditions they will sell their last Reserve they have well yeah if you're hungry you're gonna take it to pawn shop and sell it and so the this is a an important issue in the of course the quantity of money is more and more every year but the psychology of people then also has an impact if they're squeezed they have to sell something they don't want to sell the cars and the motorcycles because they need them to go to work yeah yeah so they will sell the coins that they inherited from their grandparents or whatever and two I think that I mean it depends a big Trend in the world is for people to work from home and because we have the internet you see I Live Now for 20 years in Thailand I would not be able to do my job without the internet I would have to be in a financial center in Hong Kong or in Sydney or in New York or Dubai or Zurich or London or Rio or Toronto but because of the internet look I can be in the middle of nowhere yes absolutely and so the the world 1800 to recently is a process of urbanization now you go to New York and you go to San Francisco and to Baltimore and Chicago deep population why because people get fed up with the governments and they want out and they get fed up with higher and higher taxes and more and more regulation and less and less security you understand this all the defunct police movement is a typical Socialist Communist idea how to destabilize the population then the destabilized population will accept a strong leader a totalitarian leader like a socialist [Music] all right we're we're running at a time like Paul Potts oh don't say that good socialist Mark a couple of things uh before we go you you said for the next 20 years my goodness I hope I'm still still around then um you feel that inflation and uh is is here to stay and you you say it's going to be a pretty again and if that's the case then maybe equities is just not going to do very much no against no he's not going to do very much but in general you'll be better off inequities than in long-term bonds okay now I'm not saying that over the next three weeks long-term bonds could not Rally because they're oversold but in general in equities in inflationary times they don't do well but they do better than many other things okay but but go because you you of course you have to buy things that are say at a discount to asset value but in general if someone comes to me and says mark I assume inflation will be here for a while would you advise me to buy all bonds or all stocks but you can only do one I would say all stocks interesting bonds is the recipe to disaster in inflationary times that's a that's a very very good way to to end it and I do hope we have another conversation in the near future because this is our first one well it has to be before 20 years because in 20 years I may not see the peak of inflation or I may see it from another world oh well who knows who knows what will happen better I want people to know you wrote the book it was called gloom boom boom didn't you I wrote several books but the last one which was rather successful was uh tomorrow's gold Asia's age of Discovery because I wrote it in 2001 and at that time nobody believed that Asia would become really the center of economic activity with China opening up and now India becoming I mean in impacted they were under colonialism for so many years now they overtook the British economy yeah It's a Wonderful World I I just want to ask you this where did where did the title Bloom boom Doom come from because I started to write uh in the 70s already because I never trusted the research that is published by all Street firms that's a very smart idea so did Wall Street firms like Drexel they always said bye bye bye and I would go around and tell them no sell in those days this was allowed nowadays the compliance department will send you hacking but anyway it was also Jewish firm and to the credit of the Jews they like controversy they like discussions they like debates and then so when Drexel folded in 1990 I started my own business and then I thought well the report had a lot of followers already then uh and I was called in Hong Kong Dr Doom because I had predicted the day before it happened the crash of 87. it was a coincidence not that I was no no don't say that it was it was it wasn't a coincidence you were smart it was accidental but anyway after that uh I thought I can commercialize the reporter choose the report the Gloom boom and doom report yes highlights unusual investment opportunities around the world I love it and ladies and gentlemen if you want to find out more you can actually go to Gloom boom doom.com and you'll find a lot more about uh Dr Farber and what he's doing look it's been fantastic conversation with you please come back and have another chat in a few months I hope your viewers will also find it fantastic I think they will it's been an absolute pleasure thank you thank you very much bye-bye what is it say that again so a d-clap I should know that I was born in Thailand you'll have to do yes the woman says yes all right thank you very much

Channel: Small Caps

Views: 211,208

Keywords: Marc Faber, economy, gold, silver, inflation, platinum, bonds, gloom boom doom

Id: r44D4pddEq0

Length: 57min 20sec (3440 seconds)

Published: Sat May 06 2023