From Zero Hedge:
Once again, the latest fire and brimstone sermon by Marc Faber is absolutely spot on, starting and ending with his "policy" recommendation for what the U.S. needs:
"I will tell you what the U.S. needs. The U.S. needs a Lee Kwan Yew who stands in front of the U.S. and tells them, listen you lazy bugger, now you have to tighten your belts, you have to save more, work more for lower salaries, and only through that will we get out of the current dilemma that essentially prevents the economy from growing."
"...I tell what you to do. I think a flat tax on everybody would be actually a good measure and I think to reduce the regulatory environment in the U.S. We have expansionary fiscal and monetary policies. But we have restrictive regulatory policies. And it curtails any initiative by the small businessmen, and the large businessmen, he doesn't employ and invest capital in the U.S., he does that in China or somewhere else in the world where the regulatory environment is more favorable. If you look at...
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