Marc Faber : There are many reasons the Western economies are
slowing down. One is government spending. Between 1870 and 1910, nowhere
in Europe or in the U.S. was it above 15% of the economy. Now, U.S.
government spending, including states and municipalities, is at around
40% of gross domestic product (GDP). In France, government spending is
57% of GDP. The larger the government becomes, the less economic growth
there will be. So Dr. Greenspan and I agree on the problem, but who
financed all these entitlements? I believe the central banks with their
artificially low interest rates are deliberately creating bubbles even
though in a bubble, the majority loses, and the minority makes a lot of
money.-
in Gold vs. fiat currency: A conversation with Alan Greenspan
Contrarian Investor Dr.Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.
