Faber's Bold Prediction: Both The US And Europe Will Default On Their Debt
Submitted by Tyler Durden on 02/10/2010 17:52 -0500
Picking up where he left off in his prior Bloomberg interview earlier this week, the author of the "Gloom, Boom and Doom Report" continues his bashing of the governments of all developed and overleveraged nations, which he claims will sooner or later default on their obligations. This could be the most scathing critique of the fiat-money system to date, which is the primary cause for the facility with which governments have accumulated untenable debt loads.
Sure enough, CNBC, and especially Dennis Kneale, was not too happy with his assessment.
"In the developed world we have huge debt to GDP, in terms of government debt to GDP and unfunded liabilities that will come due, and these unfunded liabilities are so huge that eventually these governments will all have to print money before they default."
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