Marc Faber 100% confidence for a global recession in 2013

In about two minutes interview for CNBC, legendary Marc Faber revealed his scary forecast for a global recession in 2013 for which he is 100% sure. He believes that the main risk is not Europe and Greece but China and India where they things look ugly and these most important economies are slowing down big. Still it seems the public is ignoring this problem. Marc still believes that the next risk off event will be the exit of Greece from the EMU. Still he believes that the Germany will finally give up and allow Eurobonds to save the EZ project. According to him the longer the delay for euro-bonds, exits, defaults and restrucrings, the higher the chance for a huge system failure an gigantic market crash, bank runs. The investor believes that the markets will not go down 50% once Greece exit but just the opposite, there will be a relief rally as there will be clarity. Still banks and insurance stocks will crash. Around the 5-th minute, Marc Faber talks that while stock indices are not performing terribly, there are many economically sensitive (and luxury) stocks that are down very significantly - which helps him see that the huge asset price run of the last decades is coming to an end prompting the question of the day from CNBC's Cramer-stand-in "You're not looking for a recession in the US are you?" Faber, in his calm, thoughtful way responds, "I think we will have a global recession late this year, early next year", to which surprised Wapner asked about the odds (surely 20%, 40%?) of this recession – and Marc said : "100% certainty" and of course the only 'investment' in this case is the USD cash and of course investors must own some gold.

Contrarian Investor Dr.Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.