LewRockwell.com posted this interview of Marc Faber by Peter Schiff. Interesting, and you might want to read the part towards the bottom where Faber gives some asset allocation recommendations.
Yet the part sticking out to me is Faber saying this:
The problem
is that no officials in the US are telling the truth. Let me give
you an example: The elderly statesman in Singapore, Lee Kuan Yew,
immediately said in last September, "we're going to face very tough
times; we have to tighten our belts to stay competitive." This is
something no president in the US will say: that you have to want
for a few years, tighten your belts, and endure some pain in order
to safeguard the country's economic health – for the sake of your
children and for the sake of the nation as a whole.
Actually, politicians in the US will talk about sacrifice -- in that others should sacrifice by paying higher taxes. But Faber's real point is well taken. And, of course, true IMHO.
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