I can assure you, you can go anywhere in the world – whether it’s Brazil, Africa, Asia, Central Asia, Russia. The price level today is of course much higher than 20 years ago or ten years ago. So the US and western Europe, they may have on an international scale a bias towards maybe deflating a little bit, certainly. Real wages are deflating. But in emerging economies you have a lot of inflation. In some countries you have food prices going up annually at 20 percent per annum. And nobody can tell me that his energy bill is today lower than it was ten years ago.
Because the price of oil is much higher. It is up from ten dollars a barrel to say eighty dollars a barrel.
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Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.
