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Author: Daily Reckoning Australia
The annual Agora
Financial Investment Symposium took place this week in Vancouver, Canada.
To celebrate its ten-year anniversary, a star-studded cast of globally
influential financial thinkers and speakers gave talks to the nearly one
thousand attendees.
Kris Sayce, the editor of Money Morning has had the
enviable task of covering
the event, giving him the chance to meet the all the speakers and explore
the great Canadian city. He also had the not-so-enviable task of finishing the
four days of talks! His talk was called 'The Greater China Co-prosperity Sphere
and how to join it - Mate!' More on that in a second.
The first speaker
of the week was the 'good doctor', Dr Marc Faber. His forty-five minute speech
covered a lot of ground. He delivered some of his traditional scorn for the Fed.
"Mr. Greenspan and Mr. Bernanke have achieved something which no-one had ever
achieved before, they created a bubble in everything." Everything apart from the
US dollar, which their actions are devaluing instead. Faber called Mugabe
Bernanke's mentor!
He went on to say the next bubble ready to burst is US
commercial real estate, and also advised that any type of real estate in
financial areas is a bad investment right now.
Dr. Faber said, "I believe
next year's economy will face even larger deficits. [Government] deficit is
attempting to stimulate credit growth. Unless real credit growth returns, they
will have to put more and more money into the system to maintain the status quo.
All polices target consumption. That is a mistake."
Looking into the
future, his view is that the current fiscal and monetary policies being carried
out by the Fed are the foundations for an even worse global asset bubble in
years to come.
With US dollar depreciation anticipated, he advised
selling US government bonds, and investing in commodities. With precious metals
far easier for retail investors to store than dirty great piles of iron ore, his
advice was to buy gold, silver, and platinum, but to store it outside of the
US.
His views on Asia were fascinating as always, if a little
frightening. He pointed out that 95% of China's oil comes from the Middle East,
and that he believes China's aim is to secure its supply by getting the US out
of the Middle East. The numerous US military bases in the pacific surrounding
China's coastline do not help China's mood.
All the same, he is as
bullish as ever on Asian equities. He advises looking for Asian stocks that are
at twenty-year lows, or paying 6-7% dividends. You can look at the stunning
performance of some the Asian stocks that interest him on the bottom of the
'report card' for his midyear Barron's
round-table.
To spice up his view on Asian stocks even more, he also
believes that the Chinese Yuan could defy its masters, and easily double in
value in five years. This would then appreciate South East Asian currencies such
as the Malaysian ringgit, and the Singapore Dollar, enhancing any investments in
this region as well.
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