Marc my words
October 17th 2008 02:01
Dr Doom, aka Dr Marc Faber
Dr Doom has done it again. Dr Marc Faber, the affable Swiss-born, Hong Kong-residing investment guru, has a way with words which means he will never have to spend a dollar promoting himself or his fund management business.
They call him Dr Doom because he's a glass half-bear kind of market watcher. It's not an epithet he minds - he has a web page called GloomBoomDoom and a widely read monthly newsletter with the same name.
He has been in America lately, it seems, commenting on anything and anyone that crosses his radar. Not surprisingly, he had an opinion on the much-hyped and much-hiccoughed US economic bail-out scheme. The collective chuckling which can be heard from the high-rise corridors of investment banks around the world recently is the result of the arrival of emails sharing these Marc Faber words:
“The federal government is sending each of us a $US600 rebate. If we spend that money at Wal-Mart, the money goes to China. If we spend it on gasoline it goes to the Arabs.
"If we buy a computer it will go to India. If we purchase fruit and vegetables it will go to Mexico, Honduras and Guatemala. If we purchase a good car it will go to Germany. If we purchase useless crap it will go to Taiwan and none of it will help the American economy.
"The only way to keep that money here at home is to spend it on prostitutes and beer, since these are the only products still produced in US. I've been doing my part.”
Faber portrait: www.josefpolleross.com
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