For decades, Marc Faber was a welcome key note speaker at conferences and a popular interview partner for journalists in general and TV anchor (wo) men of the major US networks in particular. But almost three years ago it was all over.
With the statement that he was glad that whites and not blacks had immigrated to the USA because the latter had not brought the USA forward, the economic situation in South Africa and Zimbabwe after the change of power from white served as evidence for his assessment too black.
This made him a "persona non grata" in a flash for the media, the NZZ headlined "Dr. Doom argues stupid", and several board members subsequently decided not to work.
Well-known investors and decision-makers up to CEOs among the readers
Well-known investors and decision-makers up to CEOs among the readers
that Faber's openly expressed opinions and assessments, apart from the permanently indignant public, still resonate with important decision-makers today became evident. At the beginning of August, none other than JPMorgan boss Jamie Dimon came out as a loyal reader of Faber's paid stock letter "Gloom Boom & Doom Report". And Faber repeatedly made it clear that other prominent actors read his letter regularly.
Plain words
Whether or not Faber's view that a black America would have been less or less economically successful is right or wrong is at best an academic discussion. We will never know if it is right or wrong. By contrast, his view of the central bank policy of our day is much more interesting. He describes the economists in the central banks as idiots, and the printing of money as a mistake. If one could actually generate wealth with the help of the printing press, one would have to ask the question why someone is still producing or working. Faber assumes that the unrestrained printing of money will cause us serious problems sooner or later. And if you look at the development of the gold price, you can assume that he is no longer alone with this assessment.
No more discourse
The fact that the liberal media brainwashed the public with regard to political correctness, Keynesian and political interventions is another Faber statement that one should think about in times of ever narrowing corridor of opinion. Because many discussions that used to be taken for granted and, in the Hegelian sense of thesis, antithesis and synthesis, ultimately led to progress through the discourse, no longer take place thanks to the increasing number of manslaughter arguments.
More of that, please!
We should therefore be glad that there are old, wise - yes, and also white - men like Marc Faber who are not ailing from the zeitgeist, no longer have to be considerate, stand by their opinion and do not adjust their flags to the wind. Because the truth is reasonable for people, as Ingeborg Bachmann said.
- Source, Institutional Money
