March 3, 2009
Latest CNBC Video Interview, March 2009
Suppose AIG goes bankrupt, it is better that AIG goes bankrupt and we have a horrible two or three years than that the whole US goes bankrupt. AIG has trillions of dollars of obligations, let them fail, let the courts sort it out and start over. Otherwise we'll never start over.
I think it's astonishing, they're ruining the US economy, they're ruining the US government, they're ruining the US central bank and they're ruining the US dollar. You are watching something in front of our eyes, very historically, which is basically the destruction of New York as a financial center and the destruction of America as the world's most powerful country.
The idea that you have too much debt, too much borrowing and too much consumption and you're going to solve that problem with more debt, more consumption and more borrowing? These people are nuts.
Wall Street and the City of London are going to be disastrous for years, like in the 1950s and 1960s, and in 30 years, finance will dry up and wither away as we are entering a long period of hard times.
Power is shifting now from the money shifters, the guys who trade paper and money, to people who produce real goods. What you should do is become a farmer, or start a farming network.