Wednesday, June 3, 2015

Dr Faber doesnt trust central banks with money management

I believe that central banks today have much too much power. Basically, central banks are run by bureaucrats, mostly academics. 

They studied at nice universities, and so forth. They crunch numbers. Ninety-nine percent of them never worked in the private sector, and to these people you give the authority, or the largest authority, to run the world with their monetary policies. That I will never understand. And I met many central bankers in my life. I would never give any dollars to them for management.