Marc Faber - Looming Global Catastrophe?

Marc Faber - Looming Global Catastrophe? Marc Faber discusses the situation Greeks find themselves in. They do not want to see their new currency, the Drachma be worth 70% less than the euro, but also refuse to accept the austerity measures.

Greece should exit the EURO.With Faber saying their currency would be worth so much less ,70% than the EURO ,it means their tourism can do very well. Eventually they will be in an opportune position for exports,just as soon as they get things settled. Austerity measures will not need to be as severe , because the debt will be limited, to their own people. It all sounds so good for Greece ,it makes me wonder why others won't do it? They will! ,and as they do it ,Germany ,ie; who holds a lot of the debt will absorb so much in losses ,that they could be seen as similar to the Chinese or Japanese with U.S. debt.,with a difference in that the U.S. can always pay by printing and even though those dollars are worth a lot less than when purchased ,they can certainly buy a lot within the shores of the U.S. What I don't get ,is Why does Greece (by defaulting ),get off the hook.This is the problem with currencies with no collateral. Too much liquidity ,given to countries that have nothing other than their own land to give up ,which I'm sure is not part of any deal. The Greeks should have to pay their creditors in Drachma's (atleast partial) ,and that currency could be used by foreign creditors ,like Germany for buying up land -housing,thus helping a Greek industry get competitive.,although Greek ownership would be much less. If they are allowed to just default and walk away ,What's to stop every other country in trouble from doing the same. Then what?
Contrarian Investor Dr.Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.