the value of the dollar in the future will be zero
Dr Marc Faber spoke to CNBC this morning about currency markets, including recent moves in the euro, the global long-term position in the dollar and the rise in gold and silver.
Earlier, Faber talked about his take on the US deficit situation. He expects the US government to raise the debt ceiling, but doesn’t appear Republicans and Democrats are crafting a budget plan in which taxes are raised and spending cut, the real recipe for deficit reduction. .
Faber also encouraged individuals, in a separate conversation, be their own central bank and buy gold. He warns, however, not to keep it in the United States, as the government could buy it as it did in the early 1900s.
- 2:30 We’re in a contest for the ugliest currency; I don’t think people position themselves heavily in euros. Most people still have 70-80% of their money in USD. Huge surplus of US dollars in the world. If people could sell their dollars and get into something that they believed in, they would. Gold and silver are the best currencies.
- 5:10 Right now, the US dollar may rebound. The US dollar will in the future be precisely its intrinsic value, namely zero.
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