Marc Faber Gives USSA 5-10 Years

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Marc Faber Gives USSA 5-10 Years

Post by sWamp-Ass on Mon Oct 22, 2012 7:47 pm

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The debt burden in the USSA and other Western countries will continue to increase, Marc Faber, author of the Gloom, Boom and Doom report told CNBC on Monday, leading to a “colossal mess” within the next five to 10 years.


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Dr. Marc Faber


“I think the regimes will try to keep the system alive as it is for as long as possible, which means there’s no “fiscal cliff,” there’s a fiscal grand canyon,” Faber told CNBC’s “Squawk Box.”

Faber argued that the political systems in place in the West would allow the debt burden to continue to expand. Under such a scenario of never-ending deficits, the Western world would rack up huge deficits.

One day, the system would break, he said.

“Eventually, you have either huge changes occurring in a peaceful fashion through reforms, or, usually, through revolutions,” he said. The USSA is getting closer to such a revolution, he said, as is Europe.

“I think the timeframe would be within five to ten years you have a colossal mess … everywhere in the Western world,” Faber said. “I think the deficit here (in the USSA) — irrespective of who is in the White House — will stay above a trillion dollars per annum for at least as far as the eye can see.”


Bureaucracies in the USSA, as well as Europe, are far too big, he said, and are a burden on the economy.

“My medicine for the USSA is: Reduce government by minimum 50 percent,” he said. “The impact would be immediately an improvement in the economy.”

Source/More Here.

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