Here’s one that we missed back in late July. Marc Faber joins Howe Street’s Tom Jeffries to discuss the inflation / deflation debate which was also covered in his August 2009 Gloom Boom and Doom Report. (Video interview follows excerpt and my comments)

I think the policy response is a total catastrophe. And, I also feel the purpose of any crisis is to clean the system. But, nothing has been cleaned. It’s gotten worse and worse and worse. It’s this entanglement between Wall Street and the corrupt politicians and the Treasury and the Federal Reserve opened doors between the three….

This is not the final crisis. The final crisis is the one when the whole system will collapse and the whole system will be cleaned of corrupt politicians and incompetent policy makers.

My guess is that we are years away from Doc Faber’s final crisis. No politician wants to be in charge when the real SHTF, so they will hold it off as long as possible and pass it on to the next guy. There’s a distinct possibility that President Obama won’t even be in office when it happens. While the potential for collapse of in public and private confidence may be accelerating right now, it can be a years-long, sometimes decades-long, process, as is discussed in Martin Armstrong’s recent piece How All Systems Can Collapse Overnight.

Marc Faber with Tom Jeffries July 21, 2009: