Economist Caution: Prepare For 'Massive Wealth Destruction'

[Bit_Happy]

Take immediate steps to protect your wealth . . . NOW!

...Marc Faber, the noted Swiss economist and investor, has voiced his concerns for the U.S. economy numerous times during recent media appearances, stating, “I think somewhere down the line we will have a massive wealth destruction. I would say that well-to-do people may lose up to 50 percent of their total wealth.”

When he was asked what sort of odds he put on a global recession happening, the economist famous for his ominous predictions quickly answered . . . “100 percent.”

http://www.moneynews.com/MKTNews/Massive-wealth-destruction-economy/2013/06/20/id/511043/

Good news for BTC, but sorry to see so much suffering ahead.

[zzojar]

In other words, don't think of it as "investing in bitcoin", rather think of it as "dumping US Dollars."

[lyth0s]

Take immediate steps to protect your wealth . . . NOW!

...Marc Faber, the noted Swiss economist and investor, has voiced his concerns for the U.S. economy numerous times during recent media appearances, stating, “I think somewhere down the line we will have a massive wealth destruction. I would say that well-to-do people may lose up to 50 percent of their total wealth.”

When he was asked what sort of odds he put on a global recession happening, the economist famous for his ominous predictions quickly answered . . . “100 percent.”

http://www.moneynews.com/MKTNews/Massive-wealth-destruction-economy/2013/06/20/id/511043/

Good news for BTC, but sorry to see so much suffering ahead.

Supposedly he had a video interview where he discusses good financial investment alternatives, would you happen to know where I can find it? I've found interviews with him but not one that summarizes his aftershock investment book

[GigaCoin]

Take immediate steps to protect your wealth . . . NOW!

...Marc Faber, the noted Swiss economist and investor, has voiced his concerns for the U.S. economy numerous times during recent media appearances, stating, “I think somewhere down the line we will have a massive wealth destruction. I would say that well-to-do people may lose up to 50 percent of their total wealth.”

When he was asked what sort of odds he put on a global recession happening, the economist famous for his ominous predictions quickly answered . . . “100 percent.”

http://www.moneynews.com/MKTNews/Massive-wealth-destruction-economy/2013/06/20/id/511043/

Good news for BTC, but sorry to see so much suffering ahead.

that whole article is a sales pitch for aftershock (which moneynews and newsmax are famous for)

Regardless i don't deny we are in huge trouble, it will all come down, but i don't see the USD mega hyper inflating to 50% anytime soon. There are just way too many factors keeping this afloat and kicking the can down the road.

The 50% of wealth destruction is probably referring to a stock market correction in 2014-2015 which seems to be highly likely. Along with Massive housing bubbles crashing in some countries like CHina, India, Australia & Brazil

Bitcoin, Litecoin, Gold & Silver are all good investments right now.

[tinus42]

Marc Faber is known as Doctor Doom. He is always mega-bearish. Sometimes he's right of course. But he is often a bit like a broken grammophone record saying that everything is going to hell. Finance TV shows love him as he's always available to make gloomy comments which generate catchy headlines and he looks and sounds like a James Bond villain.

[lyth0s]

Take immediate steps to protect your wealth . . . NOW!

...Marc Faber, the noted Swiss economist and investor, has voiced his concerns for the U.S. economy numerous times during recent media appearances, stating, “I think somewhere down the line we will have a massive wealth destruction. I would say that well-to-do people may lose up to 50 percent of their total wealth.”

When he was asked what sort of odds he put on a global recession happening, the economist famous for his ominous predictions quickly answered . . . “100 percent.”

http://www.moneynews.com/MKTNews/Massive-wealth-destruction-economy/2013/06/20/id/511043/

Good news for BTC, but sorry to see so much suffering ahead.

that whole article is a sales pitch for aftershock (which moneynews and newsmax are famous for)

Regardless i don't deny we are in huge trouble, it will all come down, but i don't see the USD mega hyper inflating to 50% anytime soon. There are just way too many factors keeping this afloat and kicking the can down the road.

The 50% of wealth destruction is probably referring to a stock market correction in 2014-2015 which seems to be highly likely. Along with Massive housing bubbles crashing in some countries like CHina, India, Australia & Brazil

Bitcoin, Litecoin, Gold & Silver are all good investments right now.

I completely agree with bitcoin and litecoin being good investments. The cautions I would have with gold and silver are 3 fold.

1. Gold/Silver ETF's may actually be a "fractional reserve" situation with the people that claim to actually hold the gold and if this is ever proven to be true they will crash

2. Physical gold/silver is very hard to trade with. One would need to go back to carrying around satchels of gold dust for everyday purchases and gold bars of varying weight for larger purchases or transfer of funds

3. When you buy physical gold/silver you would have to go through rigorus testing to insure that it is actually made of the stated material. There have been a lot of fakes on the market recently that are doing an excellent job at density matching and plating the false material with the correct metal for surface testing....which would make the consumers have to break the bars in half and then test the cores of the gold/silver blocks in order to verify it is real....which is not practical for daily purposes nor long term storage of value imo

[CurbsideProphet]

Marc Faber is known as Doctor Doom. He is always mega-bearish. Sometimes he's right of course. But he is often a bit like a broken grammophone record saying that everything is going to hell. Finance TV shows love him as he's always available to make gloomy comments which generate catchy headlines and he looks and sounds like a James Bond villain.

I thought that was Roubini's title.  I guess spouting off FUD in any sense gets your name in the paper.  Some of what he says is valid but overall you're correct, he's prominent because he brings ratings.

[Lethn]

Saw Marc Faber talking on CNBC awhile back, I quite liked this guy, he's definitely not a neo-keynesian and very realistic.

For the record, he talked about how he was actually benefiting from all the money printing because of how much it caused his assets to rise but explained that it screwed over everybody else because it made everything more expensive.

http://www.youtube.com/watch?v=Mkq384oxH1w

[zzojar]

They're just a bunch of alarmists trying to make money by selling their video. Salesmen. Look their chart comparing the DJIA with the stock graph just before the crash the Great Depression. If the DJIA is following the same pattern (as they claim), then it should have crashed by now, but it hasn't.

[JoelKatz]

Good news for BTC, but sorry to see so much suffering ahead.

Is it really? Presumably if there's less wealth, then the value of each Bitcoin would be less as well.

[cosmofly]

Good news for BTC, but sorry to see so much suffering ahead.

Is it really? Presumably if there's less wealth, then the value of each Bitcoin would be less as well.

unless that less wealth transfer to bitcoin and it's scarcity takes the value upwards

[CurbsideProphet]

Good news for BTC, but sorry to see so much suffering ahead.

Is it really? Presumably if there's less wealth, then the value of each Bitcoin would be less as well.

unless that less wealth transfer to bitcoin and it's scarcity takes the value upwards

That's a transfer of wealth, not a destruction of wealth.

[lyth0s]

Good news for BTC, but sorry to see so much suffering ahead.

Is it really? Presumably if there's less wealth, then the value of each Bitcoin would be less as well.

unless that less wealth transfer to bitcoin and it's scarcity takes the value upwards

That's a transfer of wealth, not a destruction of wealth.

Well the people holding US stocks/bonds or dollars may have their wealth destroyed. Completely separate from that, bitcoin could increase in price, which would create wealth with people that own bitcoins.

[Machinery]

Take immediate steps to protect your wealth . . . NOW!

Pss... why would I do that? I have very little wealth anyway…

[MatTheCat]

Good news for BTC, but sorry to see so much suffering ahead.

You will be sorry when you discover that a global recession is fkn terrible for Bitcoin and your crocodile tears turn into real ones as the value of your Bitcoins turn to dust and you realise that ridiculous paradigm of how the financial world operates and Bitcoins relation to it, was pulled straight out your arse.

[CurbsideProphet]

Good news for BTC, but sorry to see so much suffering ahead.

Is it really? Presumably if there's less wealth, then the value of each Bitcoin would be less as well.

unless that less wealth transfer to bitcoin and it's scarcity takes the value upwards

That's a transfer of wealth, not a destruction of wealth.

Well the people holding US stocks/bonds or dollars may have their wealth destroyed. Completely separate from that, bitcoin could increase in price, which would create wealth with people that own bitcoins.

Rise is price relative to what?  Dollars?  You just said people holding dollars will have their wealth destroyed.  If that's the case, Bitcoin rising against dollars isn't really wealth creation.

[Ibian]

Good news for BTC, but sorry to see so much suffering ahead.

Is it really? Presumably if there's less wealth, then the value of each Bitcoin would be less as well.

unless that less wealth transfer to bitcoin and it's scarcity takes the value upwards

That's a transfer of wealth, not a destruction of wealth.

Well the people holding US stocks/bonds or dollars may have their wealth destroyed. Completely separate from that, bitcoin could increase in price, which would create wealth with people that own bitcoins.

Rise is price relative to what?  Dollars?  You just said people holding dollars will have their wealth destroyed.  If that's the case, Bitcoin rising against dollars isn't really wealth creation.

Don't be daft. The value of bitcoin is relative to what you can get for it. Dollar, euro, yen and all the rest are just there to make the mental translation simpler. You could price it in lambos if you wanted to.

[BitOnyx]

A lot of panic around nothing important.

[OROBTC]

...

I like GigaCoin´s idea of diversification, and I practice that in all of my asset holdings.  Physical gold is very important to me as a Store of Wealth, I am not worried about having to "spend it", my preference will be to give it away...  Platinum ("value dense"!) is worth a look as well.  And, of course I own a little (2.2 or so BTC) and have some CA$H FIAT$ lying around the house "just in case."

***

Lyth0s brought up a point or two I would like to consider.   All things considered, gold bullion coins are hard to counterfeit.  Lead weighs much less than Au, and does not "hold a strike".  And, if you buy fractional Gold Eagles, for example (in 1/10 oz or 1/4 oz sizes), it is VERY hard to fake them with tungsten (whose density is within 1% of gold´s).  Tungsten is hard to work with, it is very hard and has a high melting point.

Also, a scale and calipers (total cost of both, cheapie units OK) would run, say $35 tops.  Once you are familiar with your gold coins, you will feel more secure that each is real.

And if/when you get really RICH, then there are ultrasound thickness gauges ($500 and up) that would deal with the tungsten problem, say in kilo bars, sound travels much faster through tungsten than gold.

[CurbsideProphet]

Good news for BTC, but sorry to see so much suffering ahead.

Is it really? Presumably if there's less wealth, then the value of each Bitcoin would be less as well.

unless that less wealth transfer to bitcoin and it's scarcity takes the value upwards

That's a transfer of wealth, not a destruction of wealth.

Well the people holding US stocks/bonds or dollars may have their wealth destroyed. Completely separate from that, bitcoin could increase in price, which would create wealth with people that own bitcoins.

Rise is price relative to what?  Dollars?  You just said people holding dollars will have their wealth destroyed.  If that's the case, Bitcoin rising against dollars isn't really wealth creation.

Don't be daft. The value of bitcoin is relative to what you can get for it. Dollar, euro, yen and all the rest are just there to make the mental translation simpler. You could price it in lambos if you wanted to.

Don't be obtuse.  A lambo is a rather poor medium of exchange.  Currency is a medium of exchange not a "mental translator."  Maybe in the distant future your idea might come to fruition but right now Bitcoin is tied to fiat, I don't know how you can even deny that.  No one is going to sell you a $1,000 item for 1BTC today but they would have back when BTC=$1,000.  So what has changed in that timespan?  Nothing.