Marc Faber warns that further sovereign defaults are ahead. Dubai was just a teaser.
Starting from 0:45 in the video:
Dubai was just the tip of the iceberg. The ultimate result of the financial crisis will be not just bankrupt banks, but more bankrupt governments.
Massive U.S. economic stimulus means that U.S. bonds will one day have to offer higher yield than corporate bonds due to default risk.
China has learned one thing from the U.S. — how to massage and doctor economic statistics.
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