Marc Faber, Mises Circle in Manhattan, NY - 22 May 2010 (68min.)

[LargoWinch]

A lot of stuff from his recent GDB reports.

The stock market history of Mexico is particularly interesting.

Runtime: 68min.

Presented by Marc Faber at "Austrian Economics and the Financial Markets," the Mises Circle in Manhattan on 22 May 2010 in New York, New York. Includes an introduction by Mises Institute president Douglas E. French.

[ThePythonicCow]

Re: Marc Faber, Mises Circle in Manhattan, NY - 22 May 2010 (68min.)

Presented by Marc Faber at "Austrian Economics and the Financial Markets," the Mises Circle in Manhattan on 22 May 2010

Awesome, thanks. That he (Marc Faber) can rattle off numbers, dates, names and other details like that, in a coherent story, non-stop for an hour, without reading from notes, amazes me.

[Chris]

Re: Marc Faber, Mises Circle in Manhattan, NY - 22 May 2010 (68min.)

At 39:00 minutes Faber uses the term "disinflation" to describe the reduction in inflation. Interesting.

Thanks for this.

[D-Mack]

Re: Marc Faber, Mises Circle in Manhattan, NY - 22 May 2010 (68min.)

Looks like not much has changed from the 70's

City targets beach prostitutes

Pattaya City is finding ways remove prostitutes from it beaches in a general attempt to change the image of the city as a destination for sex tourism. Officials are instead trying to promote the city as a place for other activities such as sports and ecotourism, according to Mayor Itthipol Khunplome.
The mayor and senior city officials met at city hall on November 18 to discuss yet again ways to counter the prevailing impression in some foreign media that the city was a destination for sex. Particular attention was given to a recent report in a Belgian newspaper that one in three residents of Pattaya was a sex worker.
He said as a matter of priority the city is working to change this image with the help of various organizations such as the Tourism Authority of Thailand, travel agents and other tourism bodies, so that its real role as an international holiday destination was better recognized.

..
http://www.pattayamail.com/800/news.shtml

Faber has some slogans he repeats often, so he has some material to work with. Like "You should own physical gold, not some derivatives with UBS" etc.

[photoncounter]

Re: Marc Faber, Mises Circle in Manhattan, NY - 22 May 2010 (68min.)

At 39:00 minutes Faber uses the term "disinflation" to describe the reduction in inflation. Interesting.

Thanks for this.

Just happen to read this report from March 2006 on his website. He used the word disinflation then too.

[metalman]

Re: Marc Faber, Mises Circle in Manhattan, NY - 22 May 2010 (68min.)

Just happen to read this report from March 2006 on his website. He used the word disinflation then too.

first use... itulip 1999 in ka-poom theory to refer to a short shot of post-bubble deflation.

[Fiat Currency]

Re: Marc Faber, Mises Circle in Manhattan, NY - 22 May 2010 (68min.)

first use... itulip 1999 in ka-poom theory to refer to a short shot of post-bubble deflation.

I hope you meant that that was iTulip's "first use". Disinflation has been around longer than you suggest.

Here's a FRB speech by Gov. Laurence Meyer, where he talks about "Opportunistic Disinflation" in 1996 as an intentional strategy.

Opportunistic Disinflation
A couple of years ago, I gave the name "opportunistic disinflation" to an alternative strategy for bridging between short-run policy and long-run goals, a strategy that I observed the Federal Reserve to be following at the time. I will use this strategy this evening to describe my own position. But I want to make clear that I am not speaking for others on the FOMC or describing official policy. Under this strategy, once inflation becomes modest, as today, Federal Reserve policy in the near term focuses on sustaining trend growth at full employment at the prevailing inflation rate. At this point the short-run priorities are twofold: sustaining the expansion and preventing an acceleration of inflation. This is, nevertheless, a strategy for disinflation because it takes advantage of the opportunity of inevitable recessions and potential positive supply shocks to ratchet down inflation over time. Proponents of this strategy sometimes describe this approach as reducing inflation cycle-to-cycle or describe the economy as being one recession from price stability. Under this strategy, if growth were to slow to trend, the unemployment rate were to remain where it is, and inflation were to remain stable, monetary policy would remain on hold, ready to respond aggressively to any acceleration of inflation, but otherwise prepared to be patient and accept the lower inflation that will accompany the next recession or favorable supply shock.

[Master Shake]

Marc Faber discusses economic reality

for 68 minutes. For quickee investment advice, skip to last five minutes or so.

http://www.youtube.com/watch?v=H0sS6a9RW2E

[LargoWinch]

Re: Marc Faber discusses economic reality

for 68 minutes. For quickee investment advice, skip to last five minutes or so.

http://www.youtube.com/watch?v=H0sS6a9RW2E

Alternatively, readers (or listeners in this case) can see post here.

[Ben]

Re: Marc Faber, Mises Circle in Manhattan, NY - 22 May 2010 (68min.)

Yes it's really impressive

Thanks for that - great to see Faber with some time for detail

Does anyone buy the GBD report and recommend it?

[hayekvindicated]

Re: Marc Faber, Mises Circle in Manhattan, NY - 22 May 2010 (68min.)

Awesome, thanks. That he (Marc Faber) can rattle off numbers, dates, names and other details like that, in a coherent story, non-stop for an hour, without reading from notes, amazes me.

He has a really remarkable mind. Original. Ph.D Magna Cum Laude from the University of Zurich at age 24. But he has done his stuff in the real world and not in an ivory tower academic environment. And he has really seen the world - travelled to every nook and corner from such a young age.

He has some amazing stories from Hong Kong in the 1970s and from Asia generally during this nebulous period. One could say that his entire career has been spent watching Asia getting transformed from a sleepy backwater to the behemoth that it has become. In some ways he is a unqiue economic historian.

[LargoWinch]

Re: Marc Faber, Mises Circle in Manhattan, NY - 22 May 2010 (68min.)

Yes it's really impressive

Thanks for that - great to see Faber with some time for detail

Does anyone buy the GBD report and recommend it?

Ben, I have been suscribing for a few years now and I like it very much.

It is very macro-oriented, hence not much "sell this and buy that" type of things, but that is what I like.

...

Btw, our very own bart has been contributing to Dr. Faber's GDB for the last three months!

Congrats bart!

(for more info see Now and the Future)

[Ben]

Re: Marc Faber, Mises Circle in Manhattan, NY - 22 May 2010 (68min.)

Yes congratulations! Bart is very on top of the facts too.

How does it compare to EJ? I didn't subscribe because his long-term view seems to be very similar to EJ, except a bit more extreme, and I can get the gist of the differences, (which seem to be differences in how to play the sane long-term story), by watching his interviews.

The main differences that there are seem to be that Faber is happy to play the stock booms and busts that come as fiscal stimulus is thrown around (he also thinks stocks are a reasonable inflation hedge), whereas EJ doesn't. To me, that's tempting, because one could make a long of money if only approximately right. And then that Faber is not happy to own TBills.

[LargoWinch]

Re: Marc Faber, Mises Circle in Manhattan, NY - 22 May 2010 (68min.)

Yes congratulations! Bart is very on top of the facts too.

How does it compare to EJ? I didn't subscribe because his long-term view seems to be very similar to EJ, except a bit more extreme, and I can get the gist of the differences, (which seem to be differences in how to play the sane long-term story), by watching his interviews.

The main differences that there are seem to be that Faber is happy to play the stock booms and busts that come as fiscal stimulus is thrown around (he also thinks stocks are a reasonable inflation hedge), whereas EJ doesn't. To me, that's tempting, because one could make a long of money if only approximately right. And then that Faber is not happy to own TBills.

Not that I want to be perceived as "sucking up" to management, but I believe that EJ is certainly more clear, more data-driven and more timely in his analysis.

This is in part due to the iTulip.com platform, which also offers access not only to EJ himself but also to an unparalleled community.

I would like to point out that Faber is great, but a bit more opaque with an international focus. In my view, iTulip is still a bit more US-centric.

At the end of the day, both cost $200USD per year and if I could only afford one service, I would choose iTulip hands down.