Marc Faber June 2009 - Bloomberg

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Bloomberg interviews Marc Faber in June 2009, with Faber's calls on the coming period being on point.

Marc all this is predicated on the fact that you see the US in a hyperinflationary state. I mean you compared us to Zimbabwe in July 2008.  Do you really think its going to be that bad, i mean really, on a scale of 1 - 10, you actually have zero confidence in the US ability to exit ?

Yes, [of] that I have zero confidence, absolutely zero.  There is no political will, to reduce the deficits, and to keep money tight.  And if you read all the articles that are published in the United States, and if you read the statements by mister Bernanke, they all point towards essentially keeping interest rates artificially low and at all cost to generate some inflation.  Now the problem with inflation is that you can't just generate 3 or 6 % inflation, inflation is a dynamic process, and I can assure you, all of the viewers of Bloomberg, that they will this year be hit by higher contributions to the government, and higher insurance premiums for their insurance policies, and so forth, and so on... higher transportation costs.  I don't know that deflation is what prices they are living by, but my prices in life, they go up.

The Slope - Trading Horizon @ 3 October 2011

The major US indices are down, with the S&P500 index being around 1105, down 2.3% on the day.

This is inline with the recent trend of the last 5 straight days.

Reuters:

[ The Good Ship Dexia Beaches near the Shores of Normandy ] Banks slumped after a 10 percent fall in shares of Franco-Belgian financial group Dexia. The company is highly exposed to Greek loans and it highlighted concerns about the extent to which a default in Athens would damage already fragile European banks.

[ Some story about a Bunch of Honest Cretans ] Greece admitted it will miss its deficit targets this year, which could make the country unable to receive more international aid and run out of cash. 

 [ Meanwhile, back in the fatherland, Bank Of America and Morgan Stanley are about to require some expensive life support if they are to survive the Greek default (Note of thanks to the desk at Goldman Sachs which planted the derivative timebomb in the basement of the less-than-dextrous aforementioned European bank, within the circle of the European monetary union) ] U.S. banks including Morgan Stanley and Bank of America have all seen their credit default swap costs jump as other banks hedge their counterparty exposures and speculative traders bet on the situation worsening.

[ Margin Stanley ] Morgan Stanley has been the most volatile name in recent weeks, with the cost of insuring its debt rising to levels not seen since November 2008, according to Markit data. [ may be being circled by hedge fund vultures ] "Everyone is looking at the Morgan Stanleys of the world, looking at their CDS gapping up here," said David Lutz, managing director of trading, Stifel Nicolaus Capital Markets in Baltimore.