Investment analyst and entrepreneur Marc Faber spoke with FOX Business Network’s David Asman and Liz Claman about Federal Reserve Chairman Ben Bernanke’s decision to leave the Fed rate unchanged. He said Bernanke’s decision was the “best decision I have seen for a long time from a U.S. central banker.” He went on to say the debate over whether to raise the Fed rate is not “about economics” primarily because “Mr. Obama wants to get reelected” and “he will do anything to get the vote; to get votes, you have to hand out things.” Excerpts from the interview can be found below, courtesy of Fox Business Network.
On the Ben Bernanke’s decision to leave the Fed rate unchanged:
“Best decision I have seen for a long time from a U.S. central banker. People say the stock market went down, but the dollar went up. We want to see a strong dollar, never mind the stock market.”
On whether the Fed rate will remain unchanged:
“Mr. Obama wants to get reelected. We are not talking about economics here. He will do anything to get the vote; to get votes, you have to hand out things.”
On the world economy:
“The Greeks cannot pay, but lots of people in the U.S. can’t pay either; most banks worldwide are bankrupt. The world is cold. There is not a lot of inflationary pressure on consumer goods but energy prices are up, food prices are up. With zero interest rate, you know what will happen to your insurance premiums? They will go up dramatically.”