Faber Warns “Everything Will Collapse”
Famed economist Marc Faber appeared on Bloomberg TV with a harsh, direct warning to investors.
“U.S. monetary policies will destroy the world,” he said, referring to the new round of stimulus – QE3, or “QE Forever” – the Fed plans to launch this year.
As the publisher of the influential Gloom Boom & Doom report, Faber is well-known for making ominous predictions. Many regard him as the first to warn investors to get out of the stock market one week before the October 1987 crash.
And since the 2008 meltdown, he’s been a fierce critic of the Fed’s policy of money printing, arguing it only creates a phony recovery.
So it wasn’t surprising to hear him speak out against Bernanke’s most recent stimulus plan, quantitative easing or QE3.
What was surprising – and frightening – was the level of wealth-destruction he believes will occur.
According to Faber, “eventually we will have a systematic crisis and everything will collapse.”