Marc Faber: Dubai Was Just The Tip of The Sovereign Default Iceberg

Marc Faber warns that further sovereign defaults are ahead. Dubai was just a teaser.

Starting from 0:45 in the video:

  • Dubai was just the tip of the iceberg. The ultimate result of the financial crisis will be not just bankrupt banks, but more bankrupt governments.
  • Massive U.S. economic stimulus means that U.S. bonds will one day have to offer higher yield than corporate bonds due to default risk.
  • China has learned one thing from the U.S. — how to massage and doctor economic statistics.

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