Marc Faber on the Wealth Gap, the Economic Impact of Technology, Populism, and War in Asia

Marc Faber on the Wealth Gap, the Economic Impact of Technology, Populism, and War in Asia



what's up everyone welcome to this market forces segment of the hidden forces podcast my guest for this segment is dr. Marc Faber editor and publisher of the gloom boom and doom report Mark had been a frequent guest on my old television program capital account but it has been some time since the two of us spoke he is needless to say a very unique guy and we cover a wide variety of topics in this conversation from crypto currencies to issues of structural demographics foreign exchange and central banking but what I really wanted to try and do and you'll have to be the judges of whether I succeeded in this or not but what I was trying to do was to integrate a number of seemingly disparate ideas like central bank low interest rate policies these ridiculous private valuations and some of these Silicon Valley tech companies the search for yield the disappearance of safety and financial assets the rise in systemic instability and so on and so forth but to integrate these ideas under this larger umbrella of income and wealth disparity and how it is driving structural cultural and behavioral changes in the economy that are making it fundamentally incompatible with capitalism to me uber 70 billion dollar valuation and its practice of subsidizing its consumers with millions of dollars of investor money in the hope that they might achieve a successful exit at some point or profitability at some point has many similarities to the Asian model of development where the Chinese banking system for example would recycle domestic savings into the u.s. in order to make the goods of Chinese companies affordable to American consumers these types of dynamics are not sustainable and it's my hope when doing segments like this one that I can begin to bring to the surface some of these parallels for all of you to see so I begin this discussion by asking dr. Farber what he thinks some of the driving forces are in the global economy today and how they may drive changes in the future we get into Bitcoin I get his views on the rise of populism and how it might upset the applecart mark has some strong opinions around war and what the prospects for that might be particularly in Asia of course mark being mark we discussed gold we also discussed stocks specifically the new blue chip tech stocks and what his views are on those and on the broader market and we end with mark giving his advice on what he thinks is the single best investment anyone can make in today's market so please enjoy so dr. Marc Faber editor and publisher of the gloom boom and doom report joins us for this market forces segment of the hidden forces podcast dr. Faber welcome to the show thank you very much for having me on so let's get right to it what do you think well what would you say are the driving forces in the global economy today and how will we see these forces manifest themselves in financial markets going forward given that I should say we are living in a world defined by the failures some realize some yet to be realized of the last boom well I think that we live in a very complex world in the sense that the Western world she's declining relative to emerging economies and certainly relative to Asia including China and India at the same time we have in the Western world for the first time a generation of people the Millennials who earn less and have less money when they are 35 years old then the parents had in Europe we have specific problems including immigration which will eventually be a huge problem and then we have also huge changes in the way business is conducted as a result of automation and as a result of new disrupting technologies and disrupting companies such as Amazon and uber and urban so it's not a clear-cut case we also have a world where asset prices have been driven up very dramatically by central banks asset purchases so you're touching on a number of things actually when I was sort of thinking about this interview in this discussion today I sort of wrote out a number of things that I feel are forces with which we must contend going forward one of them of course is the higher levels of wealth and income inequality in part driven by central banking and the changes that we've seen in the banking system populism and potential changes in government policy again those things are interrelated you're also talking about technology and destruction which is interesting and you mentioned uber and I actually want to ask you something about that because in your most recent newsletter you made an interesting point about uber which is that uber putting aside its valuations you made that point to recognize that you're not endorsing the valuations of seventy billion for uber but that ubers business represents an attempt to resolve the need by consumers for lower priced services in order to compensate for their higher living costs and what I think is very fascinating about that idea that really resonates with sort of some larger issues you've mentioned is that one of the things I see in uber valuation is sort of inherent this income and wealth disparity and the rising asset prices the hunt for yield and sort of where we are today because the fact that investors have been willing to subsidize the rides of uber customers as has come out from recent news of the company that they've been losing billions of dollars a year and so much of that money goes towards subsidizing their riders it seems to me very interesting and parallels in many ways the ways in which the Chinese saver was willing to subsidize the American consumer during the mortgage refinancing bubble and it represents sort of the perversions in capital markets have come about in large part due to many of the things that you've described this is correct and I'd like to say that it's not just the Chinese that subsidize the American consumer and the overconsumption in the US every country that has a current account surplus and the fact is also Europe has a large current account surplus with the u.s. subsidizes consumption in the US and if you print money in Europe and in Japan some of that money is flowing to the US because in a period of strengthening US dollar institutions and individuals shift some of the assets into US dollars so your observation is absolutely correct and this continues up to this very day speaking of the US dollar and speaking of central banks which is one of those things I mentioned there what is your outlook for the dollar given the tightening path that the Fed is supposedly on and it's supposed sort of intention to lighten its balance sheet well I think we have to distinguish in markets between short-term noise and short-term fluctuations and long-term trends I believe that the long-term trend for the US dollar is down now can the US dollar gain strengthened against the euro to 105 or 108 who knows possible everyone I know in the forex market has been horribly wrong with predicting forex movements so I just don't know but longer-term I think the US dollar is a doomed currency that's also very yes and that's that's part of the name of your report it's interesting that you say that I'm curious sort of two questions when you say that you many of your friends and associates in the foreign exchange markets have been horribly wrong betting against the dollar it sounds like you're saying hey do you see that as something that is more acute today than at other times and if so does that speak to something else which is that we have seen of course with any type of prolonged economic structure of any kind of prolonged economic conditions a certain congealing of the the financial structure and behavior begins to take notice we've seen that of course in the movement of investors out of active and at the passive what do you see as being some of the effects upon the investment class with these sort of current market conditions as we've had them looking forward do you see any kind of impact in the mentality of traders and in the investment class that will negatively impact their capacity to react to adverse market conditions going forward what I'd like to say this about markets say you have the wheat market the corn market the soybeans market the copper market the gold market whatever it is the futures positions are a multiple of what the physical market is and so when a market move gets underway the people or investors who are either short or long have to scramble to cover their positions let's put it this way at the beginning of the year and at the end of the last year investors were heavily short the euro and heavily long too taller and what happened to taller fell and the euro rose and so these people who were short the euro had to cover right now the euro has biased to its long positions investors are heavily long the euro and if the Euro starts to go down against dollar they will again have to reposition themselves and so why the market seems to say that there is low volatility I disagree there is a lot of volatility in individual commodities stocks bonds etc and these market moves are then very strong say up to four days ago the grains market was very weak within just three days the grains market has soared for no obvious reason and so all I'm saying is the money printing of central banks has made markets much more volatile and you will see one day stocks go down there'll be an avalanche of selling but until that happens we don't know you're saying essentially there's greater amounts of instability and a lot of pent up volatility that is bound to unleash itself in the market there is a huge amount of instability and that will have a huge impact on markets in due course in everything not just stocks or bonds or commodities in just about everything what's interesting another sort of theme that I was thinking about before this interview is one of change and changes omnipresent in life and we're in certain moments in certain places but more able to embrace change and go with the flow so to speak in other cases we are resistant to change and I do see one great example is the crisis of 2008 and the way in which the global central banks and governments reacted to the change in market valuations they resisted it dramatically intervened and so we're living in the aftermath of that I wonder what do you see going forward that could instigate the type of change that would result in a dramatic pricing of risk of assets of everything in equities and bonds and commodities etc well I suppose but if I were able to tell you exactly what will reprise asset prices down other people would also know about it and asset prices fluctuate that is inevitable whether they are interventions or not but they fluctuate and we are at the very high level of asset prices now what will reprice them down I don't know precisely but what about the war with North Korea what about confrontation in Syria with Russia what about rising interest rates that are more pronounced than is expected by the market I'm not expecting it but it could happen what about a weak economy so there are many factors many things that could lead to repricing of equities and the most important in my opinion is when asset markets will start to go down this will trigger selling and in my opinion rather massive selling and your reason being for that are you talking about some of the changes that we've seen in terms of investment strategies and protocols I'm talking about essentially the factors I've just mentioned from wars in Southeast Asia or North Asia and war in eastern Ukraine and in Syria and I'm talking about simply asset prices no longer going up why in the last 10 days have the fang stocks performed poorly give me one reason they performed poorly because they started to go down and the institutions who are overweight these bank stocks started to liquidate and this liquidation could go on and likely to go on so all I'm saying is you don't need to ask what will trigger the decline of asset price you just have to watch asset prices and if they decline they can decline a lot and that speaks of course to the momentum aspect of this equation and that brings up another question that I have for you is to what extent do you feel that this move out of active into passive investment strategies in large part due to the fact that interest rate policy and government policy have made it very challenging for active investors to make returns in this market you see that as being an unusually inflammatory feature of a downturn this time around not necessarily and I have to clarify one point in my opinion the shift from active to passive is mostly induced by active managers and their consultants the consultants will go to an active manager and they will say well you benchmark aside the S&P 500 so the active managers invests money similar to the S&P 500 he doesn't digress a lot because if he doesn't and something goes wrong say if you have a in the S&P awaiting of one sector of 10% and you waited with 20 or 30% and you're wrong since the client told you to benchmark it hit yes sp500 he may saw you so the active managers have been kind of forced to invest like the S&P 500 and of course because they have to charge fees unlike ETFs and unlike index funds their performance will lag but this is because they're prevented from going far away from the index and that is a relatively new feature that relates to a particular regulation that was passed in recent years correct all right look I started to work in 1970 on Wall Street until just about five years ago nobody ever talked of indexing there were some funds that invested according to an index because they claim that the exists will perform better than the active managers but it was not a widely accepted principle nowadays everything is indexed and so because everything is indexed it's very difficult for manager who manages pension fund money and large institutional money to outperform the index because if it doesn't perform similarly to the index eight indexes of 20% and is down 20% is going to get a lawsuit I guarantee you you mentioned technology as well in your writings and I should also mention for our audience who may not know this do I remember correctly having seen and read a number of your quotes in March of 2009 calling the bottom not just in equities but also the imminent intermediate decline of the dollar you you had really nailed that in March of 2009 correct yes I've been relatively positive about equities starting the end of 2008 especially for Asian equities and I was interviewed on March 6 2009 by Bloomberg and I said the market is grossly oversold it's based on sentiment indicators it's at the buying level at the time many observers and famous forecasters predicted that the S&P would go down to 400 on March 6 2009 it was at 666 so yes I caught the bottom very well what worries me now is that we've gone up a long way and that actually decluttering hasn't improved very much well that's the thing that's also very interesting every cycle is obviously different but this cycle it's hard to sort of compare to anything else in the 2000s we had a credit fueled bubble driven by the housing market and mortgage refinancing and a consumption boom in the late 90s we had a technology boom but the technology boom that we had in the late 90s did not feel like what we have today which feels much more sort of niche and isolated to certain parts of the economy and I wonder also to what extent that really comes down to a very different level of participation the fact that that fewer people are participating in this cycle how does that factor into your thinking around the next wave down for prices difficult to tell it is clear to me that a lot of investors lost a lot of money in 2000 to 2003 when the Nasdaq broke because at that time if you both newmont mining or PHP or any stock you were old-fashioned you had to buy the new economy type of securities and when they went down by in some cases ninety percent a lot of investors lost money then came the housing bubble most people have a significant portion of the money in housing in homes and when it collapsed because they all leverage unison is not that they buy a house and pay cash for it they buy a house and at that time they borrowed ninety percent of the house and even today there's a lot of leverage in real estate and when it went down lots of people lost a lot of money so if you go today to a retail brokerage firm in the US the business from individuals is very small the business really comes from financial institutions mutual funds passive funds and high-frequency traders but the individual is not in the market and of course that is reflected in these very high pre IPO valuations for companies like uber where do you stand on the issue of structural demographics when I say where do you stand what I mean is how significant of a force do you think that is a drag for example on future consumption of course from the baby boomers but also the fact that these baby boomers are looking to consume off of the interest that they're gaining from in part the debt that is weighing down the future productive earners in the society in other words it also speaks of this imbalance of debt in society yes some people say the overall level of debt does it matter because it's out to other people but the fact is wealthy people are very wealthy extremely wealthy and there's no problem we start but the people that older take their highly-leveraged and they have to wait for a paycheck until the end of the month to meet their credit card debt payments and so it's unequally distributed and I think that you know according to various sources and various what I would consider reliable statistics 50% of Americans have practically no savings practically no savings now this is happening at the very inopportune time in the sense that the unfunded pension fund liabilities keep on going up they're huge and you asked yourself so here you have a population where most people have no savings they rely maybe for their retirements on their pensions or on Social Security but both the pension funds cut Social Security have no money and so who's going to pay for it now you may say well the government will bail them out yeah but the government has also a huge debt so the text will go up so what will happen is that the Federal Reserve and other central banks this is not endemic to the u.s. in Europe we have the same problem with unfunded pension fund liabilities but maybe to a lower extent but nevertheless we have the problem so the money printing in my opinion will continue and so what you're saying is essentially the suggestion by the Federal Reserve in this case to shrink its balance sheet will actually be something that they will have to reverse or renege on and in fact go the path of Japan and I was actually looking at some recent numbers from looks like the BOJ and the investment trust Association of Japan that approximately 67 percent of the nation's ETFs as of February of this year of 2017 are owned by the BOJ which is a pretty remarkable number correct and you asked you said where do we go with this kind of vibe central banks essentially financing the whole government it may work for a while but is not going to work for the long-term and so I'm very negative about the global economy which has recovered because of a huge debt buildup financed by central banks but who knows how long it will last maybe it can last another three years maybe another ten years but it's not going to last forever and we when we hit the wall it's going to be very dramatic well one of the things that sort of comes to my mind when I'm hearing me speak about this is the difficulty of identifying safe assets of course years ago the normal strategy one would implement if one was feeling risk-averse would be to buy government bonds but of course you can't do that today how does someone go about creating synthetically safe assets statically when I grew up and for a long time safe was a deposit in the bank safe was as you said government bonds riskier who were corporate bonds and the riskiest were equities and then people kept a little bit of gold under the mattress of where it is and nowadays to be honest with you nothing is safe you buy bonds as you know yield on the 10 years in the u.s. is two and a half percent that's the maximum you can earn and that may be also what you earn and maybe bond yields will go down from two point three percent at the present time to one percent who knows maybe could be I don't know you buy equities equities can go up and they can go down then you buy real estate as we know you can go up and you can go down and some real estate has actually already declined high-end luxury and say if you're just the weakness for the British Pound for the US dollar then London properties have already dropped say thirty forty percent so please explain to me what is saved in precious metals can move up they can move down and they can also be confiscated I think precious metals are relatively safe under one condition and the condition is that the government's I have to say the wise governments of our Western world don't take it away from you that is an option that is available to them and I think that it's not unlikely that this will happen I know that you're not someone who invests in or has any knowledge of Bitcoin or the blockchain protocol but do you think that the reaction in that market is partly due to a concerns around property rights and for example the way in which a lot of money has left China to go I mean when I say a lot of money let's be clear we're not talking about huge sums here but bitcoins a very small market still but that this small market reflects in some way the concerns around property rights and being able to protect one savings in this extremely uncertain world look I believe that the people who buy fine stocks and we have statistics from the website Robin Hood dot-com what the millennial spy they buys that Amazon Netflix Apple and Google and so forth micron technology all the speculative stocks they buy these are the same buyers of bitcoins now I'm not an expert on bitcoins but it's a Bitcoin verse two thousand three thousand dollars or ten thousand or a million or is it worth noting that we don't know I know so many people who for living trade bitcoins and in my opinion when this happens usually pick setbacks can also happen so I'm not interested in bitcoins for the simple reason that if I believe in say the crisis how can a crisis happen someone may switch off your electricity someone may switch off your internet someone may switch of your world who all at the same time if the internet is switched off please go to department store or grocery store and buy some fruits of foods you think they will accept your credit card well sir Jonathan forget the difference between having physical gold and these other items that are dependent on the internet functioning and that's why I also strongly oppose crypto I mean currencies or the elimination of cash if I have a hundred dollars bank bill in my hand I can give it to a taxi driver is my credit card some work and sometimes even today when everything is functioning my credit card doesn't work because it's been blocked by the credit card company for whatever reason it's not the reason that that didn't pay my bills where it may be another reason so all I want to say is if you want to be saved don't put the insurance policy for safety into something that is dependent on high technology sure we're in deep trouble if we lose confuse internet connectivity I think what's interesting with respect to Bitcoin is the larger tension between centrally organized and decentralized systems and societies and etc so I think that's interesting I think also it's demand represents some type of relationship between the forces we were describing before in the flight to safety I also think conceptually actually the bitcoins are not bought by people by and large for safety people buy them and sell them for speculation but 90% of the Bitcoin trading no correct absolutely I didn't mean this is just that way I meant really actually my point with that had to do with using bitcoins to take money out so let me ask you this how do you see populism I mean we've seen of course these changing forces of populism with respect to elections in Europe and in the United States how significant of a role do you think that will play going forward because in so many ways I feel the I mean thinking about things just in terms of of asset pricing and what financial markets represent and reflect can miss some of the ways in which the costs are shifted to other areas of society and I think one of the steam valves for that is elections and populism what role do you see that playing going forward in financial markets and in society what I think that's a very good question you asked me before what will trigger a downturn personally I believe that having my friend Albert Edwards associate a Chanel we wrote the reports that the people will turn their anger at central bank's I don't believe that they will make the connection between the wealth inequality and their poverty line central bank's unison and re freedom but I believe a politician who is clever can one day tell the majority of people who are as I said fifty percent of Americans have no money they can tell the people easily look the reason you are poor and have difficulties in meeting your expenses every month is that the rich have taken too much money from you and let's go up the rich and so when you ask me what is a safe I said I tell you there is nothing that is hundred percent safe they will go after the rich people and I see this they claim we are we're going to cut taxes yeah they may cut federal taxes with local taxes okay I've never seen local taxes going down they pull up every year so people end up paying large taxes and if the direct taxes income taxes in other words don't go up the GST the sales taxes go up so this is the additional reason why the economy soft people don't pay less tax they pay more tax than before on this issue of technology dr. Farber I wonder if you think at all about the relationship between capital and labor and how it's changed over the decades from when you got into banking and even from before that from as far as you can remember and study in my estimation it seems that one of the driving forces for change in the economy is the increasing value of capital relative to labor and that is part of the driving element for the inequality in incomes or the wealth disparity and income disparity in the economy how do you view that as a person who's been in this industry as someone who has sort of made it his business to think about in review society and social trends and financial trends how do you see that do you think about that at all yes of course I'd say until the late sixties labor in the US was very highly paid relative to corporate profits and labor in the u.s. in the late sixties before the dollar devaluation began in 1971 against the European currencies labor if they traveled to Europe they lived like kings because Europe was very cheap compared to the u.s. nowadays labor is really stopped if you look at the labor percentage of GDP and you look at corporate profits as a percent of GDP they went in different directions labor as a percentage of GDP declined massively not a little massively and corporate profits went up massively now I want to ask you something let's say you have a factory and you have 20 machines and the thousand workers and interest rates are at zero don't you think that maybe it's a good idea to buy another 20 of pit speed machines and cut your labor force interest rates are zero your capital cost is zero so in my opinion seneschal pants have actually accelerated this decline in the standards of living and earnings of working people and have favorites all supra nerds who are installing the capital goods and this is only going to continue with the emergence of robots with robots I have produced Goods I don't have to pay in Social Security I don't have to pay in healthcare and so forth and I think a lot of Labor will find that they are obsolete I'm sorry to say that and it's painful that's why I said at the beginning we are in the midst of huge changes in the relative decline of the Western world against emerging economies particularly in Asia and also changes in technology no I agree and I think all of these things actually work in unison the other thing I was thinking about as you were speaking and we spoke about this we touched on it with respect to uber and the valuations of uber and the way in which the wealthy investors of uber are effectively subsidizing the very customers who they're looking to profit from in some way that reflects the search for yield which is in part a reflection of many of wealth being concentrated in few hands not just the low interest rates but certainly something that was fueled by and benefited from bailouts and interest rate policy but I think also it's what's very interesting is the flip side of that equation dr. Farber which is the same force that drives the search for yield drives the deflation in a turning market psychology do you feel that in other words do you feel that we are more Prime for larger declines in asset prices as a result of the fact that of course absent central bank full intervention we have to take that into account but that we are more inclined for a decline due to the fact that the normal sort of middle-class distribution of wealth has changed that people would then result to just looking for safety in a way that they wouldn't have in a different market as I mentioned to you basically in the Western world the standard of living of the median household has come down because wage growth has been inferior to the cost of living increases including insurance premiums taxes rentals and so forth health care and as a result of that some smart entrepreneurs came along and said okay these people have no personal power we have to supply them with something that is cheaper over is by and large cheaper than a taxi by large not always but by and large and Amazon is more efficient at delivering products than Sears and JCPenney so these companies they essentially destroy in the case of medallion prices in New York they destroy the value of a medallion by say seventy percent maybe eighty maybe sixty but they destroy the value of medallion that's an asset okay in the case of retailing Amazon destroys entire retail centers shopping centers and so forth so what you just pointed out the face policies it's not only the fact there also to policies to consider but basically the Fed has contributed massively to the average household's wealth going down in real terms and then some companies come in and they take advantage of that and they actually reaccelerating the chance to lower prices and so if retailers closed down what happens to real estate prices in that area they'll go down so yes the net has created the trap where their policies have led to deflationary forces and of course with what you're describing there with Amazon and uber there is a sort of cannibalization of your customer base in a way you're relying on a business model that relies on people who are becoming increasingly irrelevant in the equation with self-checkout we see that as well just as one small example in retail and in supermarkets etc dr. phibes you've been very gracious with your time I don't want to I don't want to take up any more of it but I do have one question even a question our conversation around the subject of gold is taken very differently in Asia I wonder how do you see the opportunities for Asia both the near term effects of what we're describing even the effects on emerging markets of dollar potential dollar liquidity with this balance sheet unwind but how do you see sort of the short and then more the long term prospects for Asia and where do you find the best investment opportunities there going forward well correct I lived in Asia since 1973 and obviously we had huge market fluctuations in 1973-74 in the global pear market for equities the Hong Kong stock market dropped precisely by 90 percent and the low on the Hang Seng Index was 151 5z the Hongshan index is now over 20,000 okay so if you look at the long-term chart of the Hang Seng Index downton index the 90 percent decline in 73,000 even show up hardly shows up Asia is region in my opinion that will continue to grow at the higher rate than Europe or the u.s. provided and I repeat provided there is peace China is becoming the center of Asian economic activity it wasn't that way 1970 it wasn't that way 1980 when the saying was if the u.s. catches or if the u.s. sneezes Asia catches a cold you haven't everything depended on the US at a time nowadays everything depends on the Chinese dakara and in my view the US doesn't like the rise of China and the Chinese want to have more say in global affairs and in particular and from an Asian perspective everybody understands that they want to control the supply chains to Asia in other words they feel strengthened by the US military and naval presence in Southeast Asia China doesn't have any overseas bases but the u.s. just evasion only in Asia as maybe 15 so the Chinese and the US are developing rising tensions and if there is a conflict in Asia then stocks in my opinion will tumble it may not happen maybe there is no conflict and through negotiations and diplomacy problems can be solved but with the current administration in the u.s. I don't think that there is a lot of T comma C in place and so I'm saying Asia will grow undoubtedly it will happen even with the Western world not growing much but they can grow internally I say four to five percent easily but if there is war then all bets are off now if you ask me about the valuations in Asia since I'm a large investor in Asian securities I can tell you I don't see anything that is particularly cheap I don't see anything that is in a bubble either Europe and we have medium valuations at a reasonable valuation raised not cheap it is not terribly expensive but if I have to take a place I would say most global market depends on the SSE if the SNP is tonight update D points the Asian markets will open up if the S&P is down 20 points then Asian markets will react on the downside everything is to some extent correlate now in the last few years both Europe and Asia has closely under from the US that underperformance has in my opinion come to an end at the end of the last year and from here on Asia and Europe without from the US but with interruptions and if everything goes down everything will go and then maybe in the US you lose 40 percent and in Asia only certified who knows but in general I feel quite comfortable with Asia with the concern I just expect that there could be war well I think what our conversation is sort of touched on in many different ways is that there's a great degree of instability in the world and a lot of potential volatility and navigating that is not something that one can do with a sort of a formulaic approach it's just something that you would have to sort of you know feel your way through as it begins to occur because everything is uncertain there is no standard safe asset class there is no standard strategy and of course it's very difficult even though there are many opportunities as you say in Asia for someone who's not living in Asia those opportunities can be very difficult to identify today's the world is money driven is materialistic I would say a great asset is your knowledge absolutely what you do yourself in life can you fix a house can you work somewhere your skills that is an asset but if you ask people about assets they only think about real estate stocks bonds anything but they never think about the old value I couldn't agree with you more I think that that's an absolutely salient point yes I think people measure their wealth according to your de Cali Docs they have a Talmud the Rolls Royces and whatnot but in a really emergency situation your survival skills perfectly cooked it also your skills to adapt absolutely hardship for a while absolutely and I think again that brings us back to the point of change we're in a world that is changing and in certain measures changing faster than it ever has before I couldn't agree with you more dr. Faber thank you so much for taking the time to speak with me this evening and thank you all of you therefore taking the time to listen in on my conversation with dr. Farber if you enjoyed this segment and you want to learn more about the show the segments the episodes then visit our website at hidden forces pod com lastly if you are listening to this show on iTunes or Android make sure to subscribe if you like the show write us a review and if you want a sneak peek into how the sausage is made or for special storylines told through pictures and questions then like us on facebook and follow us on twitter and instagram at hidden forces pod

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6 thoughts on “Marc Faber on the Wealth Gap, the Economic Impact of Technology, Populism, and War in Asia

  1. What does this mean 10:45 "investors are long"? This is stupid: investors cannot be long or short. By definition, there is ALWAYS an equal amount of longs and shorts in the futures market. This is how the futures market works. In order for one investor to buy, another investor has to sell. A futures contract cannot just appear out of nothing — does this makes sense?

  2. This channel is absolutely incredible! I've been looking for a place where I can learn objective analysis on society and the economy that see beyond the headline and the constant noise.

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