01/24/10 Mdina, Malta – In an interview on CNBC’s Squawk Box Europe — beginning 5 minutes into the clip – Gloom, Boom, & Doom Report editor Marc Faber discusses overpaid US government workers, the lurking certainty of tax increases, and the spectacular failure of state pension fund managers who bought assets at peak prices, got out at the bottom, and now face $2 trillion in unfunded liabilities.
As the video show, Faber simply cannot imagine how the US debt problem can be solved and concludes, “It’s a total disaster, we’re all doomed… we’re doomed.”
See more in the clip below, which came to our attention via The Mess That Greenspan Made.
Rocky Vega
Rocky Vega is publisher of Agora Financial International, where he advances the growth of Agora Financial publishing enterprises outside of the US. Previously, he was publisher of The Daily Reckoning, and founding publisher of both UrbanTurf and RFID Update -- which he ran from Brazil, Chile, and Puerto Rico -- as well as associate publisher of FierceFinance. Rocky has an honors MS from the Stockholm School of Economics and an honors BA from Harvard University, where he served on the board of directors for Let’s Go Publications, Harvard Student Agencies, and The Harvard Advocate.
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Of course US financial problem can be solved. First, politicians recognized that raising tax to pay for services rendered, a concept known to and accepted by all mankind, must make an Exception to America. That leaves monetary inflation – sheer printing of money, a skill the US Fed has mastered. All they ask is: How many trillions?
So trillions will be printed to zero out the debt. And screw foreign holders of US dollar. And bring the US currency to 10% of today’s value. US exports will increase exponentially while foreigners will come in and buy up 30% of the country.
Problem solved!!
That is, pay foreigners to buy up your country. This is far more desirable than paying a single more dime to the evil and useless government. I think academics call this reverse imperial capitalism, a natural outcome of Chief Reckoner’s Dictum.