Monday, April 2, 2012

Marc Faber Predicts "Massive Wealth Destruction"

From CNBC:

Mon 02 Apr 12 | 07:16 AM ET
The following transcript has not been checked for accuracy.
known as a contrarian, he holds the status of both squawk newsmaker and master of the market, mark faber, doom is the editor and publisher of gloom, boom and doom report.

thanks for joining us this morning.
it's my pleasure. i don't deserve these compliments.

you're going to scare everybody. i was going through the notes. you say the crucial question over the next decade is not, quote, where will my returns be highest but where will i lose the least money. why do you say that?

well, basically i think that whole bailout and the money printing will not create long-lasting wealth, nor will it create healthy economic growth. and 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. and 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...MORE