Marc Faber, publisher of the Gloom Boom and Doom Report, discusses the economy at Tech Ticker on September 22, 2009.
Marc Faber on Employment:
This is the first recession in since the Depression years where all the employment gains have been given back.
In the Western world from here on we have structurally high unemployment because we have so many people that lack education to participate in the modern world. And they also lack the willpower to participate in the modern world.
You go to China, to India and so forth, people know that unless they work seven days a week, and study seven days a week and learn continuously, they’re going to be left out because the competition is so high.
Marc Faber on global economies:
I really feel we are, in the world, in a huge shift of transfer of wealth. Where, for the last 250 years of capitalistic history, 1750 to, say, 2000, the Western world became rich and the poorer countries in the world remained essentially impoverished.
And so the poor people of the world could never really develop. So now, for the next 30 years, what we will have is the emerging economies, Brazil, Central Asia, Russia, China, India, you name it, will progress much more than the Western world.
The Western world, economically, will be threatened by these new blocks and that will lead to huge geopolitical tension and eventually the war I was referring to.
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