The Humble Libertarian

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Sunday, April 8, 2012

MARC FABER: Rich People Of The World Are About To See 50% Of Their Wealth Destroyed

The richest of the rich won't lose a cent and will probably profit from the economic and monetary collapse. In the Creature From Jekyll Island, G. Edward Griffin documents how the richest players had inside information (friends of Wall Street) to bailout of the stock market just months before the 1929 crash. They did and went back in after the crash, bought a ton of stocks at pennies on the dollar value and then became even richer. Meanwhile, the government and the Banksters were assuring the public that the financial system was strong and not in danger.
Investor Marc Faber is still warning about the horrible future that awaits us. Specifically, he says that the world's wealthy will soon see half their wealth destroyed. Faber's smart, of course, so he's not laying bets on exactly how it will be destroyed. He's also not picking a particular time frame: “Somewhere down the line we will have a massive wealth destruction that usually happens either through very high inflation or through social unrest or through war or a credit market collapse,” he told CNBC (via the Wall Street Journal). The remarkable thing here is that this actually isn't a bold a prediction. In fact, for monetary wealth NOT To be destroyed, we'd have to have a major shift in the world economy. Inflation has been regularly destroying monetary wealth for the last century. In fact, in the last hundred years, the value of each dollar has fallen to 3.8 cents. That's a lot more than 50% wealth-destruction.
Read the rest here
Business Insider