Marc Faber, the Swiss economist behind the Gloom Boom and Doom Report, had some strong words in an interview with Bloomberg TV earlier this morning.
The bottom line is I think the market will have difficulties to move up strongly unless we have a massive QE3. If [the S&P 500] moves here and makes a high above 1422, the second half of the year could witness a crash. Yes, like in 1987, because the market would become technically very weak. If it happens it would be a new high with very few stocks pushing up, and the majority of stocks have already rolled over.
Faber also believes that the obsession with Greece is overstated, and that “Greece is completely irrelevant.” What is important is China and India, two countries that have had economies that are “slowing down massively at present time.”
The video attached is part of Faber’s interview with Bloomberg, and contains quotes about his take on the Eurozone crisis and potential removal of Greece.