Monday, February 9, 2009

Marc Faber calls the stimulus package a path to third-world status

Swiss-born economist and investment adviser Marc Faber, best-known as a contrarian and pessimist with a pretty good track record when it comes to predicting economic downturns, suggests that the U.S. government is turning to Robert Mugabe for economic advice. In an interview with CNBC, Faber got just a tad bearish on U.S. prospects.

"We have different economic schools. We have the Austrian school, the school of rational expectations, the monetary school and so forth. In the U.S., we have a totally new school, and it’s called the Zimbabwe school. And it’s founded by one of the great leaders of this world, Mr. Robert Mugabe, that has managed to totally impoverish his own country. And that is the monetary policy the U.S. is pursuing.

If something goes wrong, print. If it doesn't get fixed, print more. If it then goes even worse, print more."



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