Marc Faber : The West in a Colossal Mess in Five to 10 Years

Marc Faber : "I think the regimes will try to keep the system alive as it is for as long as possible, which means there's no "fiscal cliff," there's a fiscal grand canyon," "Eventually, you have either huge changes occurring in a peaceful fashion through reforms, or, usually, through revolutions," he said. The U.S. is getting closer to such a revolution, he said, as is Europe. "I think the timeframe would be within five to ten years you have a colossal mess … everywhere in the Western world," Faber said. "I think the deficit here (in the U.S.) — irrespective of who is in the White House — will stay above a trillion dollars per annum for at least as far as the eye can see." "My medicine for the U.S. is: Reduce government by minimum 50 percent," he said. "The impact would be immediately an improvement in the economy." - in CNBC