Thursday, May 28, 2009

Hyperinflation Part III

I've written on hyperinflation a couple of times previously, so I apologize for harping on the topic yet again. But famous economist and investor Marc Faber is quoted in Bloomberg as saying, "I am 100 percent sure that the U.S. will go into hyperinflation."

Faber, according to the Bloomberg report, is famous for advising his clients buy gold "at the start of its eight-year rally, when it traded for less than $300 an ounce. The metal topped $1,000 last year and traded at $949.85 an ounce at 12:50 p.m. Hong Kong time. He also told investors to bail out of U.S. stocks a week before the so-called Black Monday crash in 1987, according to his Web site."

Of course a couple accurate predictions doesn't mean that Faber is right again, but his prediction should be heeded because of the rising chorus of warnings by famously prescient economists and investors like Jim Rogers and Peter Schiff.

Update 5/29/09: Business Intelligence Middle East has an article quoting both Marc Faber and Jim Rogers who are both anticipating the next coming crisis that will be in currencies.

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