Marc Faber: Capitalism Will Fall Like Communism (CLIP)

Some characteristically sunny comments from Mr. Gloom, Boom Doom today.

┬áThailand resident Marc Faber says it’s highly possible that capitalism will fail just like communism did, and he guarantees that the US government will go bust (that’s going to suck!). The years 2006 and 2007 were “the peak of prosperity” and the world economy is not likely to return soon to that level, he added.

“I think the final low in markets will occur when the system is cleaned out,” Faber said.

The Federal Reserve’s policy of printing money is destabilizing the markets and creating “enormous volatility” said Faber, who in his latest “Gloom, Boom & Doom Report” wrote that it was money printing that had pushed stock prices up.

“The US government for sure will go bust. That I guarantee you. Not tomorrow, but it will go bust,” he added.

CNBC has posted a clip of the interview, though not, sadly, the part with the most inflammatory comments.

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