Marc Faber quoted LKY "listen you lazy bugger, now you have to tighten
your belts, you have to save more, work more for lower salaries"
http://www.zerohedge.com/news/marc-f...ower-#comments
Marc Faber To America: "Listen You Lazy Bugger, You Need To Tighten Your Belts, You Need To Work More For Lower Salaries"
Once again, the latest fire and brimstone sermon by Marc Faber is
absolutely spot on, starting and ending with his "policy" recommendation
for what the US needs: "I will tell you what the US needs. The US
needs a Lee Kwan Yew who stands in front of the US and tells them,
listen you lazy bugger, now you have to tighten your belts, you have to
save more, work more for lower salaries and only through that will we
get out of the current dilemma that essentially prevents the economy
from growing." No money printing, no extensive protests, no excuses. Of
course, this would have to accompany a global overhaul of the system,
something Zero Hedge has been advocating since day one, as it is
impossible to reform this broken system from within: "The problem i have
with the investment universe is that i find it difficult to envision
how the US and western Europe can return to healthy sustainable growth
without a complete purge of the financial system and some type of
catalyst. Something that restores some measure of social cohesion among
people; it could be hyperinflation, a complete credit market collapse,
widespread sovereign defaults, civil strife, major military
confrontation.” Alas, in that he is also correct, and as we said back
in early 2010, when the current episode of extend and pretend ends and
the can kicking exercise finally fails, next up is war.
It is refreshing to see that Marc is a reader of Zero Hedge, and
specifically the post that we consider one of the most important of the
year, namely that from BSC, which laid out in black on white what the
next steps will be:
I tell what you to do. I think a flat tax on everybody would be
actually a good measure and i think to reduce the regulatory environment
in the US. We have expansionary fiscal and monetary policies. But we
have restrictive regulatory policies. And it curtails any initiative by
the small businessmen., and the large businessmen, he doesn't employ and
invest capital in the US, he does he that in China or somewhere else in
the world where the regulatory environment is more favorable. If you
look at net investments in the US, it's gone down for the last 20 years,
and it's now negative. In other words, basically the capital stock of
America is not being replenished. It's being replenished somewhere else.
And at the same time, the policies of the Keynesians have always
encouraged spending. “We're not going to get out of recession by saving.
Spend, Spend, Spend.” That is wrong. The lack of savings is the
problem of the United States.
Faber on volatility and liquidity:
i think the volatility arises because we have the Nasdaq bubble and
then we had the housing bubble and the stock market bubble and then a
commodities bubble and usually when the bubble bursts like off the 29 or
after the late '60s you have a period of very high volatility for about
10 to 15 years before the markets settle down and then reignite the
uptrend. As far the dollar is concerned, the reason i'm actually quite
positive is that global liquidity, despite of the fact that the ECB and
the European governments will flood the market with liquidity to pay the
sales out, that global liquidity is tightening. And whenever global
liquidity is tightening, it's bad for asset prices but good for the US
dollar as was the case in 2008.
On what the true target of #OccupyWallStreet, whose otherwise noble
intentions are unfortunately being abused by higher powers, should be:
Basically we have the Keynesians and the Democrats and I'm not
saying that all democrats are equal, but they want interventions and we
have far too many interventions in the western world where the share of
the total economy that goes to government and is government- sponsored
has grown. And that essentially makes it very difficult for the western
world to grow substantially. As to that huge level of debts, i don't see
how the western world, including the US, japan, and Western Europe can
actually grow. They're going to stagnate. And when you have stagnation
over a longer period of time, people start to ask questions and then
they go after minorities. And Wall Street is a minority – they are a
minority and anyone else would have done the same. They use the system.
But they didn't create the system. The system was created by the
lobbyists and by Washington. So they should actually go to Washington
and also occupy the Federal Reserve on the way.
Finally, his conclusion is once again spot on: Wall Street's growth is
merely a smokescreen for something far more insiduous and something
repeatedly covered by Bill Buckler and other more insightful
strategists: namely the infinite growth of central planning and the
government apparatus. Wall Street's monstrous increase is merely a
smokescreen by government to allow it to operate in its shadows and to
pocket the benefits of the most mutated symbiotic relationship in the
history of the world.
The problem is, governments in the western world -- and I'm not
singling out the US -- they have grown like a cancer. And now they
protect themselves to stay in power and they have a variety of
alliances, like, for instance Mr. Obama he has no clue, but when he sees
the protesters in Wall Street he immediately says yes, yes, yes that’s a
good idea so he can target the minority so can buy a few more votes.
And of course the well to do people want to protect what they worked for
and also what they're paying for because as you know in the US roughly
50% of the people don't pay federal income tax. So actually to say that
the rich have not contributed anything is actually wrong.
The conclusion is that any systemic reset should not target just Wall
Street: it should focus first and foremost on what is most broken in US
society: its "government."
didnt know lky even worked for a living.
i also wanna stand on stage and just make 3 hr talk cok sing song speeches like him
Originally posted by Hitman Factory 1:i also wanna stand on stage and just make 3 hr talk cok sing song speeches like him
will you get paid?
Originally posted by sgdiehard:will you get paid?
pay?ask not from your country but what you can give your country.
Somebody bitch slap him.
The sufferers are not unemployed bums, they're working as hard as they can.
If a habitual bum showed up at a protest, God help him.