Fed Robber Barons Exposed
From a must see late night interview on CNBC Europe with Marc Faber (read the article, see the video):
"I think there's a good chance that the Fed itself will fail one day if they say 'We're not going to let you fail,'
and the government (read taxpayer) will have to bail out the entire system.
I think a lot of banks are already bankrupt … but they hide their rotten assets … in categories where you don't really need to value them."
Faber also blamed the central bank for forcing investors to abandon safe deposits in banks for riskier strategies by keeping rates so low.
"The Fed has been "misleading" investors on wanting a strong dollar, as it kept lowering the interest rates.
The Federal Reserve is the greatest speculator—they force people to speculate. When it comes to action, they show no concern about inflation."
The Nattering One muses... Say what? the Fed mislead? Benign & tame inflation against which we must be vigilant and concerned?
Lower rates to bail out banks, forcing speculation and robbing the public? The Fed itself may go BK? Where have we heard all this before?
The late night journalists were dumbstruck with jaws agape. Unfortunately the broadcast was at 1AM PST and intended for Asian and European markets.
Our kudos to Mr. Faber for being unlike the majority and speaking the truth.
"I think there's a good chance that the Fed itself will fail one day if they say 'We're not going to let you fail,'
and the government (read taxpayer) will have to bail out the entire system.
I think a lot of banks are already bankrupt … but they hide their rotten assets … in categories where you don't really need to value them."
Faber also blamed the central bank for forcing investors to abandon safe deposits in banks for riskier strategies by keeping rates so low.
"The Fed has been "misleading" investors on wanting a strong dollar, as it kept lowering the interest rates.
The Federal Reserve is the greatest speculator—they force people to speculate. When it comes to action, they show no concern about inflation."
The Nattering One muses... Say what? the Fed mislead? Benign & tame inflation against which we must be vigilant and concerned?
Lower rates to bail out banks, forcing speculation and robbing the public? The Fed itself may go BK? Where have we heard all this before?
The late night journalists were dumbstruck with jaws agape. Unfortunately the broadcast was at 1AM PST and intended for Asian and European markets.
Our kudos to Mr. Faber for being unlike the majority and speaking the truth.
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