Marc Faber: Global Financial System To Be ‘Reset’ By Imploding Markets

This past Tuesday, “Doctor Doom” Marc Faber appeared on CNBC’s Squawk Box via Hong Kong. The Swiss-born investment adviser/fund manager issued a stern warning to viewers:

I can’t tell you precisely the day, but I think the whole global financial system will have to be reset at some problem. And it won’t be reset by central bankers, but by imploding markets- either the currencies or the debt markets or the stock markets. But it will happen. It will happen one day big time and then we will all be lucky if we still have 50 percent of the asset values that we have today…

For sure there will be pain, and there will be very substantial pain. The question is, do we take less pain now through austerity, or risk a complete collapse of society in five to ten years time. And in a democracy, they’re not going to take the pain now. They’re going to kick down the problems, and they’ll become bigger and bigger.

“Market Will Drop 20% Next Year: Faber”
CNBC Video

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