Marc Faber on CNBC

Today, in the US, it’s not an issue of Democrats and Republicans, because there are many Democrats that are well to do people, and there are many of the Republicans who are not so affluent.

It’s a question of, essentially, entitlements. The majority of people, obviously, are not very well to do. They want entitlements so they can work less. The people who have money say and work hard, … do not want to have these transfer payments. are outnumbered by the poor people. The rich are very few in number so they have no vote.

One way to get back at masses, who get these transfer payments, is to print money and outsource production, say to China. So you disenfranchise the working class and your asset prices increase dramatically.

If you are well to do in the United States, you have the same vote as somebody who was born illegitimate and poor.  More than half of American children are born illegitimate and most of them are poor and they have the same vote as someone who is affluent. So the well to-do people will cheat the system as well.

What I really wanted to say, is that the system has become dysfunctional.

Mike Steinhardt, we are not living the America that used to be, and everybody wants to rip off the system.  And that leads them

The well to do people benefit from the money printing because they can shift their assets to overseas, and the average man cannot do this.

Insightful.

http://plus.cnbc.com/rssvideosearch/action/player/id/3000015563/code/cnbcplayershare

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