Marc Faber: ‘Misleading’ Fed Should Let Banks Fail

June 28th, 2008

His chortles at the CNBC bozos were great.

It gets really good at the end of Part 2.

Part 1:

Part 2:

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3 Responses to “Marc Faber: ‘Misleading’ Fed Should Let Banks Fail”

  1. anothernut Says:

    While he doesn’t “dismiss”, outright, the role of speculators in the price movements in oil, he’s clearly far from convinced that 1) curbing speculation will be a good thing, i.e., help restore lower prices; or even that 2) speculators are in fact (net, I’d assume) long oil. This seems to be in opposition to your June 24th post, which included this: “Anyone who “dismisses” the role of speculators in this shakedown is either stupid, or in on the scam.”

  2. GK Says:

    Hi Kevin, I just watched a Ron Paul youtube announcing a new bill in congress H.J. Res 362 that declares a total blockade on Iran and is expected shortly after July 4th. (I assume everyone knows the history of the Cuba Missile Crisis and blockade.)

    Then the Fortis Bank (Freemason elite) predicts extreme meltdown in US Financial market in a few weeks. Even the Yen is going up as people pay back their funny Rockefeller money.

    I have been assuming they were going to wait until just before the economy/dollar collapses to start nuking Iran, so could this be the trigger?

    BRUSSELS / AMSTERDAM (DFT) – Fortis expects within the next few days to weeks to complete the collapse of the U.S. financial markets.

    That explains the bank insurers interventions of the series Thursday at dealing with € 8 billion.

    “We are ready at the last minute. It goes in the United States much worse than thought, “said Fortis chairman Maurice Lippens, who maintains that CEO Votron to live. Fortis expects bankruptcies of 6000 U.S. banks that now lack coverage. “But Citigroup, General Motors, there begins a complete meltdown in the U.S..”

  3. Kevin Says:

    This seems to be in opposition to your June 24th post, which included this: “Anyone who “dismisses” the role of speculators in this shakedown is either stupid, or in on the scam.”

    Not at all, because I’m far from convinced that curbing speculation will help restore lower prices. On the oil situation, I wrote that the legislation amounted to rearranging the deck chairs.

    I don’t think leveraged speculation should be allowed in ANY commodity by parties who aren’t legitimate hedgers (involved with a business that’s directly related to the commodity). I’m just weird that way. If I want to speculate on gold, that’s fine, I just have to do it without leverage.

    The proposed legislation on oil trading just affects trading operations in the U.S. I don’t see why the capital couldn’t simply work through other markets and bypass the U.S. regulations, margin requirements, etc.

    Faber says that speculators played roles in several recent bubbles and Congress did nothing to stop them, which is true.

    I’m certainly not saying that supply isn’t an issue with oil. There’s several bullish factors for oil. There’s the collapsing dollar, tight supplies and speculators, which includes billions of dollars worth of retirement money looking for a place to hide. Curbing speculation doesn’t address the supply issues or the dire state of the dollar.

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