China has numerous problems

 I think that for now, the US is still the dominant financial market and the dominant financial power. I think we have numerous problems in China, and I personally pay more attention to what is happening in China and in other emerging economies than to what Mr. Bernanke is saying.


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

Real wages are going down and the cost of living everywhere are going up

 Well, I think investors have a misconception about what inflation is because it is essentially an increase in the quantity of money and credit. We have wage deflation in the world in real terms, for sure. In other words, real wages are going down and the cost of living everywhere are going up. That is why you have social unrest in North Africa, in the Middle East, in Turkey, in Brazil, and it will spread because the average person on the street hasn't participated in the huge asset inflation that has been going on in high-end properties, Mayfair properties, Fifth Avenue, Madison Avenue, the Hamptons and in equities and until recently in bonds and commodities."- Source, Business Insider:


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

Marc Faber : Sovereign Defaults Are Coming

"If you look back at 2007, before the crisis occurred, and today, the level of credit in the world has increased. The imbalances have also increased. And the sovereign credit of countries has essentially diminished in quality. Now we have a huge bond market rally because of artificially low interest rates, but I think the next stage in the rolling crisis that we will have will be sovereign defaults." - Marc Faber via King World News: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/7/6_Faber_-_Brace_For_Financial_Destruction_%26_Sovereign_Defaults.html


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

No end to QE even post Bernanke

I don’t think they[Fed] will end QE. I rather think they will have to increase it because as you print money or as you purchase assets, from a central banking point of view, it loses its impact over time. In order to keep the impact going, you have to essentially increase it. I believe that the Dovish members of the Fed will print more money. Especially after the resignation of Mr. Bernanke early next year, when he will be replaced, there will be even more Dovish members.

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

We Have Wage Deflation

"Well, I think investors have a misconception about what inflation is because it is essentially an increase in the quantity of money and credit. We have wage deflation in the world in real terms, for sure. In other words, real wages are going down and the cost of living everywhere are going up. That is why you have social unrest in North Africa, in the Middle East, in Turkey, in Brazil, and it will spread because the average person on the street hasn't participated in the huge asset inflation that has been going on in high-end properties, Mayfair properties, Fifth Avenue, Madison Avenue, the Hamptons and in equities and until recently in bonds and commodities." - Source, Business Insider

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

The FED is Completely Clueless!

 Last week I had the honour of interviewing the great Marc Faber. Marc Faber is best known for his monthly investment newsletter, “The Gloom, Boom and Doom Report”. He is regularly seen on major financial news channels such as Fox, Bloomberg, CNBC, and many more. I was able to ask Marc a number of questions that weight heavily on the minds of our viewers. These topics range from the manipulative acts of the Federal Reserve, to the possibility of an outright gold confiscation. I was also able to ask Marc how he sees this insane experiment with fiat money ending. Below are a few of the questions you will hear throughout this interview:

• Do you believe that the Federal Reserve will end QE in the future? If so what would happen to our financial system? 

• Do you believe that the United States is still the world’s dominate financial power or do believe that China is now running the show? 

• Do you think physical gold and silver are protected from confiscation if they are held outside the banking system and stored at a respected facility like Brink’s? 

• If fiat money printers such as the United States and Japan print unlimited amounts, what will prevent them from printing many more billions and simply buy gold bullion as their final desperate act? 

• How do see this all ending Marc? 

In the end it became shockingly clear that Marc believes central banks around the world will continue printing money until the system comes crashing down. They know nothing else. Not surprisingly, Dr. Faber has little faith in the ability of central bankers. Plain and simple, he sees them as being completely incompetent. As always the controversial Marc Faber raises some intriguing points that make you stop and think. Regardless of whether you agree with his analysis or not, he makes for an interesting interview. I hope you enjoy. Thanks.

- Source, Sprott Money Blog:


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

Wealth, income inequality in America

The problem in America is that real wages, real compensation has been down since the 1970's. But at the same time, asset prices, equities, real estate and so forth have gone up dramatically, and that favors people who have these assets.

And so the ratio expanded and you have now a record wealth, inequality, and income inequality.

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

Believe Market Action not The Governments

Marc Faber : Worldwide, you shouldn’t believe governments, period. I think you should believe market action. When markets go up, they give you a message, and when the markets go down, they give you a message. The only problem nowadays is that the messages from markets have been distorted by very significant government intervention into the free market, so you can’t rely on the information provided by the market participants any longer.
  - in Sprott money News Interview : Click Here to watch the full interview >>>>>>
 Contrarian Investor Dr.Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.

Current Corporate Earnings are extremely elevated by historic standards

In general corporate earnings will disappoint. They may not collapse, but they will not be as good as expected and my sense is they will decline from the current level which is by historic standards extremely elevated. In particularly cyclical companies, the Caterpillars, semi conductors, companies in materials I think will have a tough time to meet expectations of earnings.

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

Invest in GOLD in a Disciplined approach

I have a disciplined approach to my asset allocation, whereby I would not invest more than 20-25% in gold.

I have repeatedly stated that I will buy gold. I expected this correction and I would buy gold at $1300 an ounce and then at $1200 an ounce and then at $1100 an ounce. But

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

Marc Faber – There Are Two Strategies For Investing In This Environment

“In this environment of negative real interest rates we will have a lot of volatility and there are two strategies you can use.”
“One is to aggressively shift from one asset class to another.”
“The other strategy, involves the more passive approach of dividing a portfolio into four equal components — precious metals, equities, real estate and cash.”
- Marc Faber in CBS Market Watch
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.
Source: Investment Strategies



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

Stock market is weak internally

The only game in town in the last 12 to 18 months has been the US. So you have most markets in the world going down and the US going up. It is very likely that the US market has already peaked out at 1687 on May 22nd on the S&P and if the market makes a new high it would be only with a few stocks making new highs. The majority of stocks will not make new highs.

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

Indian Rupees vulnerable

In Asia there are very diverging performances. The markets like the Philippines, Indonesia and Thailand are up 3-4 times from the 2009 lows. These markets are very extended. The Chinese market, apart from Vietnam and until last October Japan, had been in a declining mode. In some cases very depressed like Japan in October of last year, it had been in a down trend since 1989. So these markets are probably reaching a buying range. In case of India I am not so sure there is a great hurry to buy anything because the market may not go down equally, but the currency would still seem to be vulnerable.

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

This Will End in Disaster

It’s going to end in disaster. But it’s not going to end at the hand of central bankers because I know very well how they think.... They are not going to tighten monetary policies any time soon. They are in the driver’s seat in the sense that they will always find an excuse to print more. They will say, ’OK we have to increase the purchases of assets because now the yield on Treasury bonds has gone up substantially, from less than 1.5% on the 10-Year note a year ago, to 2.68% as of today.’ So they will say, ‘That may damage the economy, so we have to buy more assets.’ And if they do that then the inflation rate may pick-up, and real wages may decline even more. Then they will say, ‘Well, we didn’t do enough because the population isn’t doing well.’ They will always find an excuse to print more. And as you said, it will end in disaster. There is no doubt about that. - Marc Faber via a recent King World News interview

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

Stock market risk

I think the stock market in the US has risen from 666 on the S&P to now over 1600. I don't think there is much upside potential, and has a considerable downside risks. It could be that all the money in the world flows into US stocks and avoids emerging markets as in the case it is right now with the money flowing into the US but I wouldn't bet on it.

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

There wont be much tapering

Central banks around the world will continue to pursue easy monetary policies and there will be very little tapering. But in the unlikely case, where the US economy were strong and showing strong growth, in half an year or year's time, then they will reduce the purchases of assets. But in a scenario where the economy stays weak and continues to disappoint, I do not think that they will taper much. In fact, Mr. Bernanke is most likely to retire and some other Fed members will try to make Mr. Bernanke look like a hawk and they have argued for unlimited QEs forever and that is likely to be the case.

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

This Will End in Disaster

It’s going to end in disaster. But it’s not going to end at the hand of central bankers because I know very well how they think.... They are not going to tighten monetary policies any time soon. They are in the driver’s seat in the sense that they will always find an excuse to print more. They will say, ’OK we have to increase the purchases of assets because now the yield on Treasury bonds has gone up substantially, from less than 1.5% on the 10-Year note a year ago, to 2.68% as of today.’ So they will say, ‘That may damage the economy, so we have to buy more assets.’ And if they do that then the inflation rate may pick-up, and real wages may decline even more. Then they will say, ‘Well, we didn’t do enough because the population isn’t doing well.’ They will always find an excuse to print more. And as you said, it will end in disaster. There is no doubt about that. - Marc Faber via a recent King World News interview, read the full interview here:

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

India stocks not bottomed yet

We are probably at the beginning of a more significant asset class deflation. If you look back, we had huge increases in asset prices, whether it is real estate, equities, bonds, gold or commodities. When you print money, prices do not go up evenly and they do not fall all at the same time. So, the money flowed between 1996 and March 2000 into high-tech NASDAQ stocks and also in India. Then this was deflated and post 2000, we had in the US the colossal credit bubble where the money flowed mostly into housing which was deflated after 2007. After that, we had a huge flow of funds into emerging markets and emerging market bonds. I think that will also be deflated as in some cases we have already gone down quite a bit. In case of India, the Indian ETF is now down 32% from the November 2010 high. It has performed miserably, relatively to the US. So the market will bottom out, but it is too early to buy anything at the present time.

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

Gold is approaching a low

We had a huge bull market in gold and silver between 1999 and 2011. In the case of gold (September 2011), the prices reached $1921 and since then, we have been in the correction period as we are down 37%. Now, the question is -- does the decline in gold prices signal that despite of all the money printing the world will face a more significant deflationary shock, especially in asset prices? We are approaching a low in gold, but it is not yet confirmed.

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

Keep buying gold in a disciplined approach

Keep buying gold in a disciplined approach I have repeatedly stated that I will buy gold. I expected this correction and I would buy gold at $1300 an ounce and then at $1200 an ounce and then at $1100 an ounce. But I have a disciplined approach to my asset allocation, whereby I would not invest more than 20-25% in 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.

Gold is easier to carry than a lamborghini

Gold is down 30% from its 2011 peak of $1,921, but has far outperformed financial assets since 1999. A correction was overdue. I have about a 25% allocation to gold and buy some every month. I want to have some assets that aren't in the banking system. When the asset bubble bursts, financial assets will be particularly vulnerable. Gold is easier to carry than a Lamborghini.

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

China is the most important economy not US

China is the most important economy not US For me the most important economy in the world is China and not the US.

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

Chinese economy affects the world economy

It looks as if the Chinese economy growth has de-accelerated very significantly. It also looks like we have a gigantic credit bubble in China. If China grows at 3 percent or 4 percent instead of trend-line growth of 10 percent, it will have a huge demand on industrial commodities. At the same time it will have a huge impact on the income of countries producing commodities such as Australia, Africa, Central Asia, Middle East. if these countries have less income, they buy less from China, Europe and America. The overall demand declines and you have an earnings contraction.

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

Faber says India stocks not bottomed yet

We are probably at the beginning of a more significant asset class deflation. If you look back, we had huge increases in asset prices, whether it is real estate, equities, bonds, gold or commodities. When you print money, prices do not go up evenly and they do not fall all at the same time. So, the money flowed between 1996 and March 2000 into high-tech NASDAQ stocks and also in India. Then this was deflated and post 2000, we had in the US the colossal credit bubble where the money flowed mostly into housing which was deflated after 2007. After that, we had a huge flow of funds into emerging markets and emerging market bonds. I think that will also be deflated as in some cases we have already gone down quite a bit. In case of India, the Indian ETF is now down 32% from the November 2010 high. It has performed miserably, relatively to the US. So the market will bottom out, but it is too early to buy anything at the present time.

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

Chinese Economy is Weak

“The Chinese economy is much weaker than the official statistics suggest. At the present time, the Chinese economy is, at the very best, growing at 4% per annum. Without huge credit expansion there would be no growth at all.” - Source, Market Watch:

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

Will Bernanke Taper QE?

"If you say that if he means what he says, then you believe in Father Christmas. He said if the economy does not meet the expectations of the fed in one years' time, they will consider additional measures. In other words, if the economy has not fully recovered by mid-2014, more QE will be forthcoming. As I said already three years ago, we are going to go with the Fed to QE99." - Marc Faber during a recent Business Insider interview:

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

Downside Risk Everywhere

Dr. Marc Faber, the Swiss fund manager and publisher of the Gloom, Boom and Doom Report always enjoys illuminating the Wall St. talking heads and displaying his awesome command of numbers, dates and predictions. The Fed's 'tapering' comments have ramped up market volatility and Faber gives some advice for short and long-term strategies. For example: "The best course of action is to actually not buy anything, but rather to reduce positions on a rebound," Faber said: Also, "New highs in emerging markets and in high yield bonds are out of the question, and if it happened in the S&P, which I don't believe, it would be driven by very few stocks. Longer term, the market is far from oversold. It still has considerable downside risk everywhere," he said. Finally, buy more gold......he is. - Source, The Market Oracle:

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

Markets in Europe have made major lows

For the first time in my life, I bought European shares, and I plan to buy more. I wasn't optimistic for a long time, although I bought some Swiss insurance stocks after the crisis in 2009. Then, last May, I took another look, as sentiment was so negative. The S&P had doubled from its 2009 lows, yet many markets in Europe were at or below their 2009 lows. Something was out of sync. Markets in Europe have made major lows. But investors don't fully comprehend what happened in Cyprus. In the event of future bailouts, bank depositors will lose a percentage of their money. Money in the bank isn't 100% safe anymore. That's why I own stocks, and corporate bonds, and real estate.

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

Eventually gold prices will be higher

It is possible Gold goes somewhat lower, but having declined from $1921 to $1232, I think gold is now at a reasonable level and I keep buying gold regularly. I have faith that eventually Gold prices will be higher.

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

Marc Faber : Expect Indian market to bottom out soon

In an interview with ET Now, Marc Faber, Publisher of the Gloom, Boom & Doom Report, shares his views on global markets, different asset classes as well as QE. Excerpts:
ET Now: As you warned earlier in the year about formation of asset bubbles, we have seen some correction across the asset classes. Do you see more pain ahead?

Marc Faber: We are probably at the beginning of a more significant asset class deflation. If you look back, we had huge increases in asset prices, whether it is real estate, equities, bonds, gold or commodities.
When you print money, prices do not go up evenly and they do not fall all at the same time. So, the money flowed between 1996 and March 2000 into high-tech NASDAQ stocks and also in India. Then this was deflated and post 2000, we had in the US the colossal credit bubble where the money flowed mostly into housing which was deflated after 2007.
After that, we had a huge flow of funds into emerging markets and emerging market bonds. I think that will also be deflated as in some cases we have already gone down quite a bit.
In case of India, the Indian ETF is now down 32% from the November 2010 high. It has performed miserably, relatively to the US. So the market will bottom out, but it is too early to buy anything at the present time.
ET Now: Gold prices have put their weakest quarter in as many as nine decades, losing more than 20%. We even saw the $1200 mark crack. How have you read into the decline of gold prices?
Marc Faber: We had a huge bull market in gold and silver between 1999 and 2011. In the case of gold (September 2011), the prices reached $1921 and since then, we have been in the correction period as we are down 37%.
Now, the question is -- does the decline in gold prices signal that despite of all the money printing the world will face a more significant deflationary shock, especially in asset prices? We are approaching a low in gold, but it is not yet confirmed.
ET Now: Are you still advising your clients to put money to work in gold?
Marc Faber: I have repeatedly stated that I will buy gold. I expected this correction and I would buy gold at $1300 an ounce and then at $1200 an ounce and then at $1100 an ounce. But I have a disciplined approach to my asset allocation, whereby I would not invest more than 20-25% in gold.
ET Now: The biggest worry for global money managers is what will happen to the central bank liquidity. There are concerns of the US Fed tapering of the quantitative easing, but Japan and China are likely to continue with their stimulus. Do you see any changes in easy money going forward?
Marc Faber: Central banks around the world will continue to pursue easy monetary policies and there will be very little tapering. But in the unlikely case, where the US economy were strong and showing strong growth, in half an year or year's time, then they will reduce the purchases of assets.

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

Marc Faber: China will not end well

There has been a huge credit bubble in China, and it isn't going to end well. Its economy officially grew 7.7% in the first quarter. In reality, it is growing 4% a year, at best. Figures on Chinese exports to Taiwan, South Korea, Hong Kong, and Singapore don't agree with the import figures of those countries. In each case, reported exports are much larger than reported imports. Singapore publishes relatively honest economic statistics. Its gross domestic product has hardly grown in the past six months. Inflation is about 4% a year. Here in Thailand, growth has slowed despite massive fiscal stimulus. Trade and current-account surpluses have been shrinking in Malaysia, Indonesia, and other countries. Again, the economy of the rich is booming. There has been huge wealth accumulation in Asia in recent years. But the middle class has experienced diminishing purchasing power. Throughout history, growing wealth inequality has been corrected either peacefully, through taxation and wealth redistribution, or by revolution, as in Russia. I am not sure we will have a revolution in the Western world, but I can see European voters turning against the arrogance of the bureaucracy. There have been so many scandals involving French politicians with Swiss bank accounts, and so forth.

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

Cash in US Dollars is king

I hold lots of cash, in U.S. dollars. Plus, I like some other investments such as the India Capital Fund, which is available to accredited investors. The fundamentals of Kazakhstan are strong, but the country's bonds have rallied. Thus, I prefer shares of Kazkommertsbank, which trade for less than one times book. Finally, the Euphrates Iraq Fund is a way to play an early-stage frontier market that is starting to attract local and foreign capital.

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

Marc Faber: The Stock Market is Risky

Marc Faber is a great contrarian investor and publisher of the Gloom Boom & Doom Report. He is well known for his accurace predictions of stock market crashes and other correct calls on different investment assets.

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

Japanese stocks long term buy

I figured the Japanese stock market would go ballistic as soon as the government weakened the yen, and that's what happened. Since the Oct. 15 low, the market is up more than 70% in yen terms and 35% in dollars—before the recent correction, that is. I bought brokers such as Nomura, which has more than doubled in price. The Japanese market is correcting now, and the yen might rebound somewhat. But whereas the U.S. is near a long-term top, Japanese stocks made a generational low in 2012 and won't go below that.

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

Vietnam exports strong and people hardworking

There are a lot of bad loans in the banking system, and the stock market has fallen 70% from the highs. But exports are strong, and the people are hard-working. There is a 35-kilometer stretch of beach between Danang and Hoi An that will be a huge resort area in the future. It is only an hour and 10 minutes by plane from Hong Kong, and two hours from Singapore. A Park Hyatt resort in the area has been selling villas and condos, and almost all have been bought by Vietnamese. I visited during a holiday, and 90% of the people on the beach were Vietnamese. One man even brought his Lamborghini. You can find companies in Vietnam with yields of 5% to 7%. I like Military Commercial Bank, and I'm overweight Vietnam Dairy Products. It is a dominant force in the diary-foods industry and has been growing by about 20% a year for the past 10 years. It could keep growing by 10% to 15% per annum, and the valuation is low. Sooner or later, it will be acquired.

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

Gloom Boom Doom - Market commentary report July 2013

American economists’ high esteem of consumption as the motor of economic growth has a long tradition dating back to the early 20th century. The continuous drive to boost consumption has led to Affluenza, an All-Consuming Epidemic, which is accompanied by an unprecedented array of escalating imbalances: ever-declining personal savings; a large fiscal and current account deficit; exploding government and consumer debts; and, a protracted shortfall in business fixed investment, employment and available real incomes. The current mantra of “selling” emerging markets and “buying” the US is likely to disappoint even if the US stock market continues to outperform. After all, the out performance may arise from US equities declining less than emerging stock markets. In this context, I should like to point out that the late May/June sell-off has been extremely benign by historical standards and that far more downside volatility is likely to occur in the months ahead. I wish my readers a pleasant summer and to remember the words of Roy D. Chapin: "Be ready when opportunity comes...Luck is the time when preparation and opportunity meet."

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

Marc Faber: China will not end well

There has been a huge credit bubble in China, and it isn't going to end well. Its economy officially grew 7.7% in the first quarter. In reality, it is growing 4% a year, at best. Figures on Chinese exports to Taiwan, South Korea, Hong Kong, and Singapore don't agree with the import figures of those countries. In each case, reported exports are much larger than reported imports. Singapore publishes relatively honest economic statistics. Its gross domestic product has hardly grown in the past six months. Inflation is about 4% a year. Here in Thailand, growth has slowed despite massive fiscal stimulus. Trade and current-account surpluses have been shrinking in Malaysia, Indonesia, and other countries. Again, the economy of the rich is booming. There has been huge wealth accumulation in Asia in recent years. But the middle class has experienced diminishing purchasing power. Throughout history, growing wealth inequality has been corrected either peacefully, through taxation and wealth redistribution, or by revolution, as in Russia. I am not sure we will have a revolution in the Western world, but I can see European voters turning against the arrogance of the bureaucracy. There have been so many scandals involving French politicians with Swiss bank accounts, and so forth.

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