On the heels of news out of Europe that the ECB will do unlimited bond buying, today Marc Faber told King World News, “It was expected that they would start with a further monetary easing at some point.” Faber warned, “I believe central bankers are in this world to print money. They are, intellectually, completely dishonest or incompetent, and that’s all they know.”
Faber, who is author of the Gloom Boom and Doom Report, also stated, “This is a very dangerous trend, and I will always, always fight governments on every level I can because the larger the government is, the larger the abuse is in a system.” He also added: “I have roughly 25% of my assets in gold. I buy every month, and I will never, ever sell it as long as people such as Mitt Romney, Paul Ryan, Obama, Biden, Bernanke, and Gheitner are in government. I will never sell it. Never.”
But first, here is what Faber had to say upon learning about the news out of Europe: “It was expected that they would start with a further monetary easing at some point. And there is still some opposition from the Germans. We’ll have to see what the Germans decide in the high court in the next few days. But basically, globally, central bankers are there to print money, and nothing else. That’s all they know.”
Marc Faber continues:
“They will continue to do it (print money), and this will lead to a misallocation of capital as we had in the past, and to further bubbles here and there. They can sterilize it (bond buying) to some point, but I think, in general, what usually happens is these measures are not fully sterilized.
… I believe central bankers are in this world to print money. They are, intellectually, completely dishonest or incompetent, and that’s all they know. They never worked a day in their lives. They are all kind of grown in the academia….