Dr. Doom: World Central Banks Are Going To Bankrupt The World!

Video first released on 11/27/13

“I prefer to own physical gold and to store it outside the United States.” He stressed that where you store your gold is an important issue, given the possibility of government intervention in the personal ownership of gold. Wherever you store it, however, he said, “I prefer to own physical gold because I think the entire financial system is going to collapse at some point in the future.”

As many experts have said before, he said, “I’ve been arguing for a long time that US monetary policies are a disaster. You cannot purposely create bubbles to grow the economy. If do, get bubbles….[and the] Damage to the economy is far greater than the earlier benefit.”

He said, “They all say Mr. Bernanke saved the world in 2008-2009, when in fact Mr. Greenspan and Bernanke almost destroyed the world.”

“In Asia it has always been traditional to own gold….It was illegal to own gold in China until about ten years ago. Now the government is actually encouraging people to own gold.” Therefore, he said, demand is “very strong” and, with increasing numbers of wealthy people in Asia, “demand is rising very rapidly.” Furthermore, Faber believes that if the Chinese economy slows down, the government in China will do what governments everywhere else in the world have done, and print money. If that happens, then “gold demand from China would actually increase and not decrease.”

Dr. Marc Faber was born in Zurich, Switzerland. He obtained a PhD in Economics at the University of Zurich. Between 1970 and 1978, Dr. Faber worked for White Weld & Company Limited in New York, Zurich and Hong Kong. From 1978 to February 1990, he was the Managing Director of Drexel Burnham Lambert (HK) Ltd. In 1990, he set up his own business, Marc Faber Limited which acts as an investment advisor and fund manager. Dr. Faber publishes a widely read monthly investment newsletter, “The Gloom Boom & Doom Report,” which highlights unusual investment opportunities, and is the author of several books including Tomorrow’s Gold: Asia’s age of discovery which was a best seller on Amazon. Dr. Faber is also a regular contributor to several leading financial publications around the world. A regular speaker at various investment seminars, Dr. Faber is known for his “contrarian” investment approach and charismatic personality. He became infamous after calling the 1987 crash in US equities. A book was also published about Marc’s investing style and life: Riding the Millennial Storm: Marc Faber’s Path to Profit in the Financial Markets .