The US Dollar Will go to value Zero Said Faber on Bloomberg
The dollar will become worthless when people eventually realize the fiscal situation in the U.S. is a "disaster," said
Marc Faber, Publisher of the Gloom, Boom & Doom report.
"It will go to a value of zero eventually, but not right now," Faber said today in an interview on Bloomberg Television. "Looking at Mr. Obama's administration, it should already be there. I think it will take about 10 years until people realize that the fiscal situation of the U.S. is a complete disaster."
"In my opinion, about 50 percent of tax revenues will be used just to cover the interest payments on the government debt. That is unsustainable. Then you'll really be forced to print money."
The best investments right now are foreign currencies, commodities and equities, Faber said. Stocks will continue to benefit from the actions of Federal Reserve Chairman, "As soon as the S&P drops to 900 or 800, he will print money again. He's a money printer. He's nothing else."
Source: Marc Faber Channel.com, October 29, 2009
Comment
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Comment by Anti Oligarch on November 1, 2009 at 2:17pm
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Our present financial crisis is the epitome of a tragedy brought upon us by coercion in the monetary field. The way out of the crisis, and the way to prevent another great Depression, is through the restoration of freedom in the realm of money: through an adroit repeal of legal tender laws. The gold standard must be rehabilitated together with its clearing system, the bill market.
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