Thursday, February 3, 2011

Marc Faber on CNBC: Bernanke is a liar!

At the Russia Forum in Moscow, Marc Faber talks with CNBC about the "economic recovery", Egypt, emerging markets and inflation.

Faber believes the global economy may be fine for the first half of the year:
"We have to realize that it’s an artificial recovery driven by ultra-expansionary monetary policies and also ultra-expansionary fiscal policies"

Faber also predicts that deficits will lead to renewed problems down the road.

"The annual cost of living increases are more than 5% today and the Bureau of Labor Statistics is continuously lying about the inflation rate, including Mr. Bernanke. He’s a liar. Inflation is much higher than what they publish"

Faber says the true cost of living increase for most US households is 5-8%, and just below that in Western Europe.

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