Marc Faber, editor of the Gloom Boom Doom report was interviewed this morning by CNBC.
Faber said that he expects wealth destruction in the decade ahead that would be caused by social unrest, inflation or a credit collapse.
"Basically I think that the whole bailout and the money printing will not create long-lasting wealth, nor will it create healthy economic growth. If I look at the world, then I see essentially well to do people that have done unbelievably well and I see the middle class and working class that hasn't done well. I think somewhere down the line we will have a massive wealth destruction that usually happens either through very high inflation or through social unrest or through war or credit market collapse. Maybe all of it will happen but at different times."
Previously, Marc Faber mentioned that he likes the U.S. dollar in the short term as he expects that the equity markets have peaked.
Faber said that he expects wealth destruction in the decade ahead that would be caused by social unrest, inflation or a credit collapse.
"Basically I think that the whole bailout and the money printing will not create long-lasting wealth, nor will it create healthy economic growth. If I look at the world, then I see essentially well to do people that have done unbelievably well and I see the middle class and working class that hasn't done well. I think somewhere down the line we will have a massive wealth destruction that usually happens either through very high inflation or through social unrest or through war or credit market collapse. Maybe all of it will happen but at different times."
Previously, Marc Faber mentioned that he likes the U.S. dollar in the short term as he expects that the equity markets have peaked.
