Marc Faber: Fed Taper Will Fail

Wall Street Silver, Released on 1/7/22

Marc Faber ‘Dr Doom’ joins us to provide his take on the latest actions in the the markets, the central banks, interest rates, insane government policies and stupid politicians, plus we discuss why Gold and Silver are not performing as one would expect in this type of market.

Dr. Marc Faber was born in Zurich, Switzerland and obtained a PhD in Economics at the University of Zurich. Between 1970 and 1978, Dr. Faber worked for White Weld & Company Limited in New York, Zurich and Hong Kong. From 1978 to February 1990, he was the Managing Director of Drexel Burnham Lambert (HK) Ltd. In 1990, he set up his own business, Marc Faber Limited which acts as an investment advisor and fund manager. Dr. Faber publishes a widely read monthly investment newsletter, “The Gloom Boom & Doom Report,” which highlights unusual investment opportunities, and is the author of several books including Tomorrow’s Gold: Asia’s age of discovery which was a best seller on Amazon. Dr. Faber is known for his “contrarian” investment approach and charismatic personality. He became infamous after calling the 1987 crash in US equities.

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Faber is very witty and has real insight. But I would offer a small criticism; he is a big champion of nuclear power but he seems to have little knowledge or concern about the issues of nuclear waste. He makes a point that “no one has calculated the costs of disposal of batteries” from electric cars; what about the costs of dealing with nuclear waste that must be isolated from the biosphere for 100,000 years? There is something like 350,000 tons of high-level radioactive waste and most of it has been created by nuclear power plants; most of that waste is still sitting in spent fuel pools at the commercial power plants where it was created.

This is deadly toxic material. Slightly more than one gram of cesium137 can make a square mile of land uninhabitable for centuries; each spent fuel pool in the US has about 1000 pounds (or more) of cesium137 within the spent fuel rods.

This waste must all be kept out of the biosphere for an immense period of time, otherwise vast areas of the planet will become uninhabitable. See the video “Into Eternity”, which documents the efforts of Finland to build a long-term geological storage site for its nuclear waste. They have to take into consideration what might happen if another Ice Age returns in say 40,000 years from now. Nothing man has made has lasted a tenth of 100,00 years.