Video interview with Dr Marc Faber on Bloomberg Click link in menu on right.
I always like what Dr Faber has to say as it marries up pretty closely with my own thoughts.
* The expansionary policies of CBs are the cause of this crisis. Printing more money will exacerbate the problem.
* We only have a correction of 8% which is only a minor correction. Let the market run its course.
* Investors have become unaccustomed to downside volatility.
* Correction should be in the order of 30%
* We are at the beginning of a bear market.
* Problems are many and there are no easy solutions.
* Not impressed with US productivity.
* CDOs are garbage and a worldwide problem
* Cutting Rates will tank the dollar
* (Laughs at sound economy hypothesis) Ernings always greatest at the top and always a disaster at the bottom.
* Expects earnings disappointments next quarter.
* US economy already in depression… growth just inflation.
* Bailing out banks is a mistake and it won’t work… system will eventually work it out providing the dollar doesn’t tank.
* At the July peak there were poor internals with high number of stocks making yearly lows
* Market leaders (GOOG, AAPL etc) to lose 40%
* Emerging markets are particularly vulnerable in an environment of de-leveraging.
* Real estate to decline
* Bullish on reasonably priced farmland.