Publisher of the Gloom Boom & Doom Report, Marc Faber, speaking at a conference in Singapore November 18, 2009, suggested that once the serious financial bust occurs, governments will take their nations to war to distract the people.
In his gloomiest prediction yet, Marc Faber sees big financial bust leading to war:
“The crisis has not solved anything. On the contrary there is less transparency today than there was before. The government’s balance sheet is expanding, and the abuses that have led to the one cause of the crisis have continued.
I think eventually there will be a big bust and then the whole credit expansion will come to an end.
Before that happens, governments will continue printing money which in time will lead to a very high inflation rate, and the economy will not respond to stimulus.
The average family will be hurt by that, and then in order to distract the attention of the people, the governments will go to war.
People ask me against whom? Well, they will invent an enemy.”
Once the public government sector is backed into a corner, and they can no longer blame private industry and the more fortunate “rich” for the problems in this country, they will deflect blame away from themselves. The easiest way to do this? Wag the dog and blame another country. China or Iran or whoever the enemy is, is irrelevant. No bought-and-paid for politician or government appointee will take the blame for the worst debt crisis in history.
For additional commentary from Mike (Mish) Shedlock, click here…
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I do not think THE RIGHT REVEREND OF DOOM said anything new in the interview. I like Faber because guys like Shiff and Rodgers only say the bankers are dumb….Faber goes further and calls them criminals. He is also one of the few to say that this could mean a giant catostrophe. I real like the comments by Mish he’s just a cool rational guy who’s been dead on. To me they are put in deflatioist or inflationist camps but their public talks are right on and provide good techinical advice on market tops and bottoms. They agree a lot. Both should be listened to