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all right we got some optimism about Greece today but it's clear we are still in a very challenged spot economically and some investors they're sounding the alarm saying you know what you get all this financial engineering that's happening right now where companies are gobbling up each other in all these m&a mergers and Acquisitions transactions then they get all these stock BuyBacks and all these dividend plays and none of this is really sustainable in an exclusive interview billionaire investor Carl ion tells me he believes we are in a bubble and it could be quote an extremely dangerous one listen to this the financial markets I believe that there really is a bubble brewing and interest rates now are at a low that in the history of the Federal Reserve they've never been held down this long and I don't think anyone will deny that it's Uncharted Territory and it could be very very uh destructive very destructive all right I want to go to another famed investor right now Mark fber publisher of the editor and editor of the Gloom boom and doom report who's joining me with his take on these markets and and Mark you know you heard Carl icon there saying that this Market is basically nuts the FED is fueling all of it he thinks they need to raise rates right now what are your thoughts are we in a bubble well I think uh Carl ion just said uh that it could be very destructive I would say it's not that it could be destructive it will be destru RVE the question is obviously when because it's not just the FED that has fueled the bubble it's the other central banks the ECB that has fueled the bubble mostly in sovereign debt and bailed out Greece repeatedly so as they bailed out Greece repeatedly the problem became bigger and bigger and bigger and this is the problem of Central Banking today they do not solve problems they postpone problems and then you have this all suppression of individual risks that then become one day a colossal systemic risk MH so that's the concern we have colossal systemic risk you're talking about what's going on yes we not only have a we had a bubble in NASDAQ stocks but basic stocks in the year 2000 and Mining stocks were all depressed today and then in 2007 we had a housing related bubble and the credit bubble in the US but other markets were not really in a bubble but today you like look at vintage cars at stamps at Fine Wines at uh highend property I know everything everything is in a bubble so everything's in a bubble you're talking about all the problems there in Europe uh what about the problems back here at home I mean the the Fed has kept rates and and by all indications intends to keep rates here at zero for the foreseeable future does that feed into this Mark well basically we are six years into an economic recovery and I'm aware that some economists and strategists think that the economic expansion will just continue to go along but uh there are huge distortions in the markets where basically Financial assets have been going up very substantially and real wages for the typical household or real household income has been either flat or down so it's created huge market distortions and I think uh eventually this will be resolved by a massive deflation in asset prices well with that in mind very quickly cuz we're we're nearly at a time what would you R recommend people buy I mean I I know you you've been a gold bug for a while uh given your your deflationary situation scenario I imagine you're still pushing that I tell you it will be very difficult to hide because even Bank deposits may not be save but relatively inexpensive are gold mining shares silver mining shares and physical gold and silver but you have to hold it physically and preferably out outside the US outside the US why outside the US because in the US and even in Europe and Switzerland there is a threat that one day when things really will go bad uh Central Bankers will blame the gold holders for the disaster and they will say we'll have to take the gold away and so forth this is less likely to happen in Asia all right all right uh so we need to fear the government taking our gold from our basement you're you're really taking the it happen before it happened in 1933 all right um Mark Faber thank you very much pleasure some some warning uh a warning there from Mr Faber um that we are looking at a systemic problem here in these markets uh he of course is echoing what we've heard from a number of people as of late Carl icon Bill gross uh expressing his concern on these markets uh and of course Mark Faber there uh today with us uh saying that he's very concerned I do have a program
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