"Marc Faber : Look, I think that consumer confidence indices are low for a
very specific reason. Just before I came on, there was a report that the sales
of small businesses in America has been increasing. Yes, I believe that because
a lot of the sales increase has to do with price increases. In other words, the
cost of living of the average American is going up by much more than what Mr.
Bernanke looks at, namely core CPI, which is essentially a consumer price index
that excludes energy and food. Everybody I talk to has cost of living increases
in America of more than five percent per annum. But the Federal Reserve and
other agencies and governments, they do not believe that inflation is five
percent. They think - they assume that inflation is say two or three percent,
interest rates on deposits are zero, so you are cheated out if you have actually
savings in a bank..."
at http://marcfaberchannel.blogspot.com/2011/10/consumer-confidence-indices-are-low-for.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MarcFaberBlog+%28Marc+Faber+Blog%29
at http://marcfaberchannel.blogspot.com/2011/10/consumer-confidence-indices-are-low-for.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MarcFaberBlog+%28Marc+Faber+Blog%29
