“It took 100 years for paper money in America to lose 95% of its value in terms of purchasing power; I don’t think it will take another 100 years to lose the next 95% – I think it will take something like 10-20 years maximum.”
The linked interview of Dr. Marc Faber should be required viewing for the US Congress and for high school students (so they could learn from a real economist – not the inflation cheerleaders that pollute much of academia). This time, Dr Faber appears on some obscure web news called Newsmax (maybe just obscure to me?) but he is as good as ever:
He is consistent in his message and also shares some light into some data he shared with his gloomboomdoom report subscribers last month – that over the last 10 years, good paying manufacturing jobs decreased by over 5 million but government sector employment had net gains of over 2.4 million. He shares his fear that too much economic activity is moving to the lethargic and unproductive government sector and away from the dynamic and productive private sector. it’s a great interview. Required viewing for any neophyte economist before making any comments – watch and learn.