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US, Europe Will All Default On Their Debt! Marc Faber

 
Punk A$$ets
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02/10/2010 05:20 PM

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US, Europe Will All Default On Their Debt! Marc Faber
US, Europe Will All Default On Their Debt: Marc Faber
Published: Wednesday, 10 Feb 2010 | 2:38 PM ET Text Size By: CNBC.com
The governments of every developed economy will eventually default on their sovereign debts, including the US, the UK and Western Europe, Marc Faber, editor of the Gloom, Boom & Doom report, told CNBC.
Axel Griesch | ASFM | Getty Images
Dr. Marc Faber
-------------------------------------------------------------​-------------------


"In the developed world we have huge debt to GDP, in terms of government debt to GDP and unfunded liabilities that will come due," Faber said in a live interview via telephone. "These unfunded liabilities are so huge that eventually these governments will all have to print money before they default."

Watch Faber's interview on CNBC
Faber said that emerging economies are much more financially sound on this basis than the developed world, with the exception of Singapore, which has a limited amount of debt and huge reserves.

His comments come amid talks of a bailout for struggling Euro zone member Greece, which needs to borrow 53 billion euros, or $73 billion, to cover its deficit and refinance debt that is coming due.


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Faber added that the global stock markets — which have mostly fallen about 10 to 20 percent from their peaks — have begun a correction phase that he expects to continue.

He said he thinks the new resistance level for the S&P 500 will be 1,100, though an oversold market could cause a relief rally over the next ten days.

Still, he said he is "relatively optimistic" about stocks going up, referring to them and precious metals as two of the best safe havens.


[link to www.cnbc.com]
Gold Prices:

12/31/2000 - $273
12/31/2005 – $516
12/31/2010 - $1,421
12/31/2011 - $1,566
12/31/2012 - $1,676
12/31/2013 - $1,204

Looking for $900/$1100 for gold to bottom. $14-$16 for silver.
bill shitters 1.2

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02/10/2010 05:26 PM

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Re: US, Europe Will All Default On Their Debt! Marc Faber
re financing debt sounds like a there must be a law aginst a rigged game
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Anonymous Coward
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02/10/2010 05:30 PM
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Re: US, Europe Will All Default On Their Debt! Marc Faber
Don't fall for the hype.

California's GDP is bigger than any of the PIGS countries. They are bankrupt along with 40 other states.

But you won't hear THAT on your CNBC.
Anonymous Coward
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02/10/2010 05:36 PM
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Re: US, Europe Will All Default On Their Debt! Marc Faber
It was a great reaction from the CNBC staff when he said teh US will default. All 3 of them start yelling, "Whoa!!!Noooo!Hey!!!". It was obvious it is taboo to even speculate on that scenario let alone say it will happen. Watch the video.
Anonymous Coward
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02/10/2010 05:38 PM
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Re: US, Europe Will All Default On Their Debt! Marc Faber
Here is the video

[link to www.cnbc.com]

At 2:00 the fun starts
Punk A$$ets (OP)

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02/10/2010 06:04 PM

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Re: US, Europe Will All Default On Their Debt! Marc Faber
Don't fall for the hype.

California's GDP is bigger than any of the PIGS countries. They are bankrupt along with 40 other states.

But you won't hear THAT on your CNBC.
 Quoting: Anonymous Coward 874991

Its true. And the fed will print more money to buy treasuries and finance the many already depleted unemployment funds.

All this horse shit about withdrawing stimulus and raising rates is spin.

Hoard your tangibles boys and girls.
Gold Prices:

12/31/2000 - $273
12/31/2005 – $516
12/31/2010 - $1,421
12/31/2011 - $1,566
12/31/2012 - $1,676
12/31/2013 - $1,204

Looking for $900/$1100 for gold to bottom. $14-$16 for silver.

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