Danke für den Hinweis. Trotzdem für eine Übersetzung nicht gerade brauchbar. Ganze Sätze wären optimal. Habe mal mit einem Service rumprobiert der die ersten 10 Minuten kostenlos abschreibt. Wenn ich mehr Zeit habe werde ich mir mal ein geeignetes Programm raussuchen.
So hier stelle ich mir das vor. Das könnte man auch leicht übersetzen. Die ersten 10 Minuten aus Marc Fabers Interview mit Wall Street Silver:
[00:00:17.770] - Speaker 1
Hi, everyone. Thanks for joining and welcome back to Wall Street Silver. Joining us today is a very special guest, dr. Mark Fauber, the ed editor and publisher of Gloom Boom and Doom Report. Welcome back, sir.
[00:00:29.690] - Speaker 2
Thank you very much for having me. Yeah, everybody in the world is special.
[00:00:35.130] - Speaker 1
It's always great having you back on. So thank you for coming back. Dr. Fauber, with all the chaos the world is facing and then you add the Federal Reserve that is always reacting too late to fix their own mistake. Are we ultimately facing a global depression?
[00:00:55.090] - Speaker 2
Well, I mean, everybody's looking for a global depression. In future, I would rather look at the present because if you have the cost of living rising at a much higher rate than salaries and wages, then real incomes go down. It doesn't show up in nominal GDP, but it shows up in a diminishing standard of living of the typical household, say in the US. Or in Germany. But the media who conspires the government to mislead people about everything, I mean, we have now this clear evidence that this COVID was a complete hoax, but they wouldn't admit it. And if admissions come up, they just blame someone else for it, you understand? They don't say I messed it up or I f it.
[00:02:04.970] - Speaker 1
They never want to take the blame.
[00:02:06.930] - Speaker 2
No, a politician is born to lie. That's the nature. You should never say a lying politician because it's duplication by definition. A politician will say things that advance is interest, but is not concerned about the ordinary people.
[00:02:34.110] - Speaker 1
So, Dr. Faber, I've seen a chart this week, too, of bankruptcies in Europe. They're absolutely going through the roof. How much longer can the ECB continue to raise rates? What are you seeing there?
[00:02:45.910] - Speaker 2
Well, this is, again, a very good question. Let's say if we compare today to the have the figures more readily available in the case of the US than in the case of Germany, but say in the case of the US. When the inflation in the US was at the current level. And by inflation, I'm talking here about the increase in the cost of living of a typical household when that was at this level. Interest rates, the discount rate or the prime rate at the time which we used was maybe seven 8% already. And that was at the beginning of the inflationary cycle. So I think that at this level of interest rate, the Fed is behind the curve. I mean, interest rates should be higher. But the problem and also that applies to the ECB. The ECB is run by a complete incompetent non economist. She has no clue about what she's doing. She's clueless about everything. But for some political reason, she's where she is, you understand, we don't know. But this is the way it is anyway. In Europe, they kept interest rates at a negative yield for a while, for years. And when the inflation started to pick up in late 2020.
[00:04:32.870] - Speaker 2
They kept on saying, well, it's transitory. I mean, Jerome Powell is not much better. And I want to explain this here very clearly. I outlined several scenarios. One would be for central banks to push up interest rates rapidly now and as a result of that produce a recession. And in a recession, then obviously interest rates would fall down again and so forth. Or they can do interest rate increases at a slow pace, in which case, in my view, the situation will be bad for inflation. In other words, inflation will continue to accelerate. In the first case, if they push interest rates high enough now, say to 6%, then I think we would be faced with more serious recession. This would be good people, you understand? Society today is built around the idea that nobody should suffer. So if you go to university, you shouldn't hear a word that may insult you or touch your feelings and so forth. That is out of the question. And I think humans must suffer. We have religions, our religious leaders suffer.
[00:06:15.100] - Speaker 1
Yeah, that's totally true.
[00:06:17.660] - Speaker 2
It's totally contrary to our upbringing to have suffer free life. And the capitalistic system is built around competition and the people that fail, they go bankrupt. But now you have the socialists in governments and in academics, they say, well, this company can't go bankrupt because of this and that. So they help everyone. And then by helping everyone all the time, the whole system will collapse. Will go bankrupt.
[00:06:54.930] - Speaker 1
Yeah, well said. Even Dr. Faber, when you're looking at trade between Russia and China now, it's growing rapidly and the US. Keeps sending military equipment to Ukraine. In your opinion, are we ultimately heading for World War III? And how different will this war look with superpowers holding a nuclear button?
[00:07:15.850] - Speaker 2
Well, this is a very good question and this is one of the scenarios I also contemplate. In World War Three, it's not so important what you hold, but where you keep it.
[00:07:30.290] - Speaker 1
Yeah, that's true.
[00:07:33.570] - Speaker 2
I mentioned before World War II, if you wanted to go really to a remote area, you could have chosen, say, the Solomon Islands. But the Battle of Guadacanal occurred there and this was one of the fierce fighting of the Second World War. I mean, very intense. So it wasn't very peaceful there. But I think people should consider in today's war situation, I suppose, that supply chains would break down because they would shoot down the commercial fleets of countries and so forth. And then you want to live in the countryside and have a little garden where you can keep a few chicken and a few goats and a few cows.
[00:08:37.910] - Speaker 1
Totally true.
[00:08:39.240] - Speaker 2
And a peacock and so forth. So you have a certain self sufficiency. And in a small village, let's say they are farmers, some have potato and some have wheat and so on. So the food supply is there, but in a big city in World War Three, they'll switch off the Internet. They do that regularly in India. But if you switch off the Internet, you can't use your credit card.
[00:09:12.450] - Speaker 1
Wow.
[00:09:13.040] - Speaker 2
That's why I'm personally against paper money. I mean, paper money controlled by central banks, but as a means of exchange, I think paper or coins is still the best. It's superior to kind of a mobile phone, which you click because half the time it won't work. Yeah, 100% credit card that I have I don't know. It never works. We pay our bills, but I have another credit card, and it always works. I wouldn't want to rely 100% on a credit card. So I always carry a lot of cash. But then when I carry a lot of cash and I encounter American immigration office.
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