Vietnam : I’ve seldom seen such an overbuilt real estate market

Marc Faber : Each country has specific problems. In some countries we have overcapacity problems. I was in Vietnam. I’ve seldom seen such an overbuilt real estate market. It will take years to absorb everything. And if Vietnam’s property market is a microcosm of the Chinese property market, it will also take years in China to absorb all the properties that are being built. In the western world, including Japan, the problem is we have too much debt and that debt now will have to be somewhere, somehow, repaid or it will slow down economic growth. And so, I think that we live beyond our means 1980 to 2007 and now it's payback period.- in a recent CNBC interview