Marc Faber : The Financial system will be an MF Global where you dont get your money back from the Banks

"Well, I think that every person should own some precious metals as a reserve and as an insurance policy against a complete meltdown in the financial system. And, as you know, we had MF Global. What did the clients get, less than what they had in the company and I think eventually the financial system will be an MF Global where you don’t get your money back from the banks and the investment banks and from the mutual funds and so forth and so on. And, so I think everybody has to think to himself, how do I protect myself against such a black sworn event. Now you have a, say, a life insurance policy and you have a health insurance policy, if you have a health insurance policy and a life insurance policy, you’re not exactly hoping to die and have an accident. But if it happens you have it, and so I would suggest that people own some precious metals..."

at  http://marcfaberchannel.blogspot.com/2012/03/marc-faber-mf-global-and-banks.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MarcFaberBlog+%28Marc+Faber+Blog%29