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Marc Faber: The 2009 Global Economy Will Be A "Total Disaster"

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01/31/2009 01:11 PM
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Marc Faber: The 2009 Global Economy Will Be A "Total Disaster"
Marc Faber: The 2009 Global Economy Will Be A "Total Disaster"

Marc Faber's observations on a CNBC interview from December 1, 2008:
We're experiencing the largest asset deflation since World War II
Since 2001, every asset class in the world went up - except the US dollar. Fast forward to 2008, and every asset class has collapsed - except the US dollar.

The global economy will continue to deteriorate badly next year. It will be a "total disaster".

He sees a short-term rally in US stocks, due to the current oversold conditions.

The "Warren Buffett" approach of buying and holding stocks has been dead for 10 years, and it will be dead for another 10 years.
He expects volatility to stay sky high. It will be a "trader's market".
Equities will not make new highs in real terms for years to come.
Commodities have corrected within a bull market. He believes there are opportunities to be found there.

The Chinese economy is a "disaster." It's going to get worse.

Marc Faber's current investment recommendations:

Commodities...when the global economy recovers (and he expects this to take 5-10 years!)

Within the next 12 months - short US long term government bonds

Watch the videos pt 1:
[link to de.youtube.com]

Pt 2:
[link to de.youtube.com]


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