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
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