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so the big question is is today's selloff the start of something deeper something that uh is really a credit crisis of sorts as Jonas just alluded to Mark Faber publisher the Gloom boom and doom report has been warning and warning and warning about a bubble in stocks for some time he says we never got 308 he joins me now Mark good to see you good to talk to you yes hi how are you um I'm good uh Market's not so good though off 360 points right now on the Dow uh what's going on here in your view well it could be worse the market because I lived through the 87 crash uh during which stocks dropped 21% in one day so what we've seen here is just a minor appetizer of something larger that Evol this is an appetizer of something bigger in your view I mean don't forget after 87 we managed to recuperate pretty well we didn't get that hangover that we we've had that's been going on really since 2008 um why is it and before I actually say why is it you know people are talking about a systemic crisis here a debt crisis debt crisis are are far more difficult than an equities crisis uh to combat do you think that that's what we're in right now well my sense is that uh many policies that were implemented in particular zero interest rates and the more recent negative interest rates are rather negative for asset markets than positive mhm uh they create a lot of uncertainty in investors mind and we have statistics on all the countries that have introduced negative interest ratees and in all these countries actually the savings rate went up because say if you tell me uh before I had say 6% interest on my deposit and now I have to pay something to have deposits with the banks then I feel very insecure and therefore I may save more rather than spend so these policy may be actually counterproductive and as was just mentioned before they are negative for Bank earnings MH so you blame the FED uh I'm not blaming only the fed I'm blaming the feds the bank of Japan and the ECB on the Mr D central banks they they basically they talk to each other every day they coordinate monetary policies and they come from the same neoc kanian arrogant interventionist culture to believe that they can do something more or better than the market mechanism for the last 5,000 years of recorded human history since the times of Babylon uh we never had negative interest rates because uh the Natural Market said I tell you you can have today $100,000 or in five years $100,000 you will take the $100,000 today because you can use them for five years introduce in your view just to to to help the viewers understand it sounds as though the central banks are basically trying to ignore human instincts and in doing so have created a whole whole alternative set of problems are these big problems the central banks reminds me of the movie One Flew Over the cuckoo snake where the doctors are the insane whereas the inmates are actually quite common people with common sense and normal this is exactly what I think is happening today so where do we We Go From Here you get a market that's off 340 points a lot of trepidation a lot of volatility there does that continue my sense is that the market has been weak for a year now the average stock on the New York Stock Exchange is down 25% uh the market near term is becoming very oversold we may still go somewhat lower but I would wait for a rebound to sell short or to sell my Holdings uh I think a rebound is overdue we get a spring rally no new highs and probably uh the worsening economic Outlook the stock market is telling you a recession is already here really and do you believe it's here I pardon do you believe it's here I believe that the global economy is in recession already yes and I believe the political uh background in the US is also going to create a lot of uncertainty yeah because the two leading candidates are Outsiders of the political establishment Bernie Sanders and Donald Trump and that may create further uh tensions within the financial service industry yeah all right well on that note we're going to turn to politics Mark Faber always good to talk to you sir it's not so often that I get someone who can make the comparison between One Flew Over the Cuckoo's Nest in the market but it's probably a pretty apt one these days thank you byebye thank you
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