Marc Faber: US shares to correct 50%; China is growing only at a maximum of 4%
With only two weeks left until Greece’s current bailout program expires, Eurozone finance ministers will take another stab at hammering out a deal between Greece and its creditors Monday. The talks on Monday are key because they’re the last chance for the new Greek government to ask for a technical extension of its current bailout program, which runs out on February 28th. Erin weighs in.
Then, Erin is joined by Marc Faber – editor and publisher of the Gloom, Boom & Doom Report and director of Marc Faber Ltd. Marc gives us his macro view on China and the industrial commodities space. In China, Marc believes the real GDP growth rate has slowed to 4%. On the commodities side of things, he believes that the high cost of production will eventually lead to a price resurgence. But he says there will be pain in the short run. Faber also opines on the expensive US market, IPO foibles and the increase in bonds carrying a negative yield. His biggest warning is a 50% correction in shares.
After the break, Boom Bust Producer Bianca Facchinei sits down with DC Council Chairman Phil Mendelson to discuss how a government spending bill has halted Initiative 71 – a ballot initiative on legalizing marijuana in the District of Columbia – from proceeding, even though voters already approved of it.
And in Defining Moments, our guests give us their takes on oil, Greece, and quantitative easing. Guests include Steve Keen, Richard Werner, Frances Coppola, Reggie Middleton, John Brynjolfsson and Jim Pearce. Take a look!
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