The Federal Reserve says its new stimulus could help solve the nation's jobs crisis, but Swiss investor Marc Faber instead sees an apocalypse ahead.
The Zurich-born investor, and publisher of the Gloom Boom & Doom Report, joined Bloomberg TV today to make known his pessimism about the Fed’s new plan to help invigorate a sluggish labor market. The problem, he says, is that the money will benefit rich people like himself, not the “man on the street.”
“Congratulations, Mr. Bernanke. I’m happy,” he told Bloomberg TV’s Betty Liu. “My asset values go up but as a responsible citizen I have to say the monetary policies of the U.S. will destroy the world.”
Faber has a history of hyperbolic statements. In 2009, he predicted that the capitalist system will collapse and “the future will be a total disaster.” This time around, he's not alone. Donald Trump made similar remarks yesterday on CNBC, saying “the [Federal Reserve's] numbers are false; they’re being created and people like me may benefit, but it’s ultimately not good for the economy.”
But the Fed’s latest move does have its defenders, among them Rep. Barney Frank (D-Mass.). He told The Huffington Post yesterday that, of all the Republican claims about the Federal Reserve, “none of the negative consequences” will come to pass.
(Hat tip: Business Insider)