Saturday, May 26, 2012

Marc Faber says European Austerity is a joke on CNBC see video

According to Faber, Euro-zone government spending has increased by 76%. But, the Greeks don't want to take the 50% Austerity measures that would cut saleries and benefits. The alternative to Austerity is leaving the Euro; and having a Drachma that is worth 70% less than the Euro. Faber however says, Greece should leave the Euro right away to avoid commitments outside of Greece. On China Faber says the slow down is greater than analyst suggest, according to commodity weakness; the logic is that if China was strong so would commodity prices - which have faltered.

Neal Vanderstelt - Currency Analyst
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