You have to understand that dropping dollar bills into this room is something artificial. But it has been done, and we have to live with it. I may not like it, I think it is an horrible thing to do because it will create a lot of distortions and it can create a bubble in real estate, or in commodities or in equities. And if the door is open the money will flow. So our currency in this room will go down vis-a-vis currencies out there.
But in economics we have to live with the stupidity of central bankers. This is a fundamental factor. And that is why as an economist, I think money is something far too important to give authority to a central banker that basically is hostage to politicians and special interest groups. We have to understand that. The Federal Reserve and the Treasury are working together and they are talking to Wall Street. And so they have a nice little club and they run monetary affairs.
in Praag Meeting
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world. Dr. Doom also trades currencies and commodity futures like Gold and Oil.
