Marc Faber: I do not believe there will be a fiscal cliff

Marc Faber: I do not believe there will be a fiscal cliff. What will happen is that there will be some cosmetic spending cuts which will amount to no spending cuts in reality. There will be some cosmetic tax increases that will touch really a minority and the irrelevance on a fiscal deficit that officially is running around $1.3 trillion, but if you added the unfunded liabilities that accrue every year, the fiscal deficit will be more likely above $5 trillion. So even minor tax increases on the super rich will bring in annually a maximum of $5200 billion. So the total deficit, whatever they will agree upon, will have a meaningless impact and spending cuts will come back dated in 10 years time. So they will be quite irrelevant.- in ET Now 

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