09/25/09
As contrarians, we’re used to holding unpopular views on the economy. We believe the recovery is a sham; that things will get worse before they get better; and that the effects of the current recession will reach farther than most people think.
Well, our good friend Dr. Marc Faber couldn’t agree more. And in a recent interview for Yahoo’s Tech Ticker, he explains why.
Kate Incontrera
Kate "Short Fuse" Incontrera is a regular contributor to The Daily Reckoning. Ms. Incontrera was also an associate producer and writer on the critically-acclaimed documentary film, I.O.U.S.A. Before joining Agora Financial in 2004, Ms. Incontrera studied writing at The University of Cambridge and at Towson University in Baltimore, Maryland.
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Great video and opinion – the only thing missing is the actual cost’s incurred of the collapse, during and after the continual slide….I don’t think they will go down and given inflation they only go up….I think 2018 is just a safe bet on 2014 because non of us can predict the future but we can make educated guess’s ….it’s not likely to lose momentum on a slide—you need to get to the bottom if you have any plans of getting back up to the top\ we learned that on the playground…we also learned you need to take the ride down and figure out what your gonna do at the bottom…Everyone seems to think that this slide has no end and somehow can also defy gravity
Capitalism as we’ve known it for the past thirty years may be at an end, but capitalism will be around until the end of civilization.
Because no matter what form of political system you have whether it be Communism, Socialism, Fascism, or pure Capitalism, that ‘ism’ will always need capital (money) to get things accomplished.
Even the Hermit Kingdom (North Korea) needs capital to pay its army and political elites. It does use slave labor in many industries but the Stalinist government runs plenty of scams to earn what’s called “hard currency” to keep its despotic regime propped up.
Even the Soviets in the USSR needed capital to pay its workers even though the state owned the means of production.
Until everyone wakes up one day and decides they will provide their labor or services for free, we will have some form of a capitalist system.
We could always revert to a barter system but this would still represent a form of capital.
Absolutely..Either we get the ultra wealthy to let go of the controls of the ship and uncorrupted democracy returns the capitalists will sail this ship into the “reefs” in the pursuit of selfishness..We now need lots of “selflesslness” …Its a quality that is despised today. Yet it is the missing ingredient….Vert few in congress, senate , and large corporations exhibit this trait.. We need to be honest and start “sacrificing” now. I know that these words will be derided by over 99% of the population.