Marc Faber points out that this bleak outlook for the United States has been caused by Federal Reserve Chairman Ben Bernanke and the Federal Reserve’s continuous printing of new money.
The critical question over the next decade isn’t “where will my returns be highest?” but “where will I lose the least money?”
That, according to economist and investor Marc Faber, is the scenario facing investors today.
As the author of the Gloom, Boom, and Doom Report, Marc Faber is a well-known contrarian, earning celebrity status because of his ominous predictions.
So his pessimism during a recent appearance on CNBC wasn’t surprising for a man whose nickname is “Doctor Doom.” What was surprising was the level of “wealth destruction” he sees in the not-too-distant future.
Faber stated, “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.”