If the U.S. Government was a company, the deficit would be $5 trillion because they would have to account by general accepted accounting principles. But actually they encourage government spending, reckless government spending, because the government can issue Treasury bills at extremely low interest rates.
Marc FaberWhat I object to the current government intervention in so-called 'solving the crisis', they haven't solved anything. They've just postponed it.
Marc FaberWhen I look at asset prices; real estate, bonds, equities, vintage carsโฆ I think that gold is actually one of the few assets that is relatively cheap, relatively inexpensive.
Marc FaberGiven all the money printing that is going on globally - and not just in the US - and given that the total credit as a percent of the advanced economies is now 30% higher than in 2007 before the crisis hit, I think that gold is a good insurance.
Marc Faber