Gloom Boom and Doom

Dr. Marc Faber, investment analysis, entrepreneur and author of the Gloom Boom & Doom Report concluded his monthly bulletin (June 2008) with the following:

“The federal government is sending each of us a $600 rebate. If we spend that money at Wal-Mart, the money goes to China. If we spend it on gasoline it goes to the Arabs. If we buy a computer it will go to India. If we purchase fruit and vegetables it will go to Mexico, Honduras and Guatemala. If we purchase a good car it will go to Germany. If we purchase useless crap it will go to Taiwan and none of it will help the American economy. The only way to keep that money here at home is to spend it on prostitutes and beer, since these are the only products still produced in US. I’ve been doing my part.”

Or you can do something that Americans are not quite used to doing – Save

  • Sachin R. Nalawade

    I too was thinking where money went from US. Really wonder what they are for? which product?

    Really good survey!

  • Sachin R. Nalawade

    I too was thinking where money went from US. Really wonder what they are for? which product? Really good survey!

  • Anonymous

    I happen to be one American that saves 5% of my annual gross income. Been doing it for many years.

  • Anonymous

    I happen to be one American that saves 5% of my annual gross income. Been doing it for many years.

  • Deelip Menezes

    And I happen to be one Indian who puts away 6 months of EMI (Equated Monthly Installments) into Savings before I take on any loan. And that’s apart from the down payment. Because if and when things go bad, I have at least 6 months to make alternate arrangements or simply wait for things to improve and keep the banks from taking away my asset.

  • Deelip Menezes

    And I happen to be one Indian who puts away 6 months of EMI (Equated Monthly Installments) into Savings before I take on any loan. And that’s apart from the down payment. Because if and when things go bad, I have at least 6 months to make alternate arrangements or simply wait for things to improve and keep the banks from taking away my asset.

  • Norm C.

    “If we spend it on gasoline it goes to the Arabs.”

    He may be a doctor, but he’s still an ignorant. The money goes mostly to ‘good’ american companies like Exxon, which will continue to cash in gigantic profits even in this recession.

  • Norm C.

    “If we spend it on gasoline it goes to the Arabs.”He may be a doctor, but he’s still an ignorant. The money goes mostly to ‘good’ american companies like Exxon, which will continue to cash in gigantic profits even in this recession.

  • ralphg

    Actually, most of the exported oil money goes to Canada, from which the USA imports most of its oil.

  • ralphg

    Actually, most of the exported oil money goes to Canada, from which the USA imports most of its oil.

  • Norm C.

    Puting aside the source of the oil, the american companies that import it refine it, distribute it and sell it and in the process charge a lot more money than the original cost of purchasing it.

    So most of the money goes to american petroleum companies, not arabs. But it’s easier to create a foreign culprit to one’s misery…

  • Norm C.

    Puting aside the source of the oil, the american companies that import it refine it, distribute it and sell it and in the process charge a lot more money than the original cost of purchasing it.So most of the money goes to american petroleum companies, not arabs. But it’s easier to create a foreign culprit to one’s misery…