Marc Faber's Highly- Unprofessional Know-It-All Interview
Thai TV, September 20, 2013
Their Business Greats Tiger Team
There is little doubt the Marc has a fairly good grasp of the technical issues related to the global financial situatIon. Whether he is right or wrong is another matter. He conveys a strong sense of certitude with regard to his thoughts and opinions. Such an attitude should be expected from an investment promoter.
The Fed is in a bind and there are signs that the QE program is faltering. As he points out, the ten year treasuries have risen from a low of about 1.5% a year ago, to almost to 3% today. As he says, "that's a 100% increase." Marc believes that the Fed will continue with its QE program with little; if any, tapering for some time, in an meager effort to hold down low long-bond rates. By now, everyone is aware that a surge in these rates would be devastating to the global financial system and the overbought stock markets. We go along with his view.
He also makes reference to the absurdity of Keynesian and Neo-Keynesian (Turbocharged) economists - the latter apparently proposes fiscal deficits of $5 Trillion to resolve the US's economic problems. While we agree that such a move is unconscionable, Dr. Doom provides us with little insight into what remedies he would alternatively propose.
This lack of a deep understanding of the physical existential forces driving the world's economy is apparent in most of this interview. The very fact that Marc entirely discounts, any and all, participation or insights from academia, and concurrently holds business opinions and views, as the ultimate source of a monopolistic truth, speaks volumes as to the depth and objective quality of Marc's thinking, information, sources and analysis. This negativity further suggests a"know-it-all" attitude bias that tears apart the speaker's credibility, leading us to distrust the balance, integrity and substance of all else that was asserted. To be short, we were taken aback by the utter short-sightedness and arrogance of this remark and related thoughts.
This, of course, deepens our concern and skepticism about such pundits who operate with multiple narrow-minded agendas. We would prefer a more open, professional approach to information, sources and thinking. Similar to the philosophical thoughts of Socrates: "the only true wisdom is in knowing that you know nothing." And maybe Abraham Lincoln's approach would also be useful to opening a wider discourse of opposing or alternative views for better decisions. Lincoln recognized that all of us have our limitations; so he sought the insights, company and advice of seven or eight folks smarter than himself. Hmm. Maybe even an academic or two?
Marc, we fully recognize and believe that you are entitled to your opinions regarding all these useless academics - but then again, what do we know?
Dr Peter G Kinesa
September 26, 2013
Our Humble Academic Bonehead Team
