Marc Faber Warning : Wealthy could face 60% Savings haircut

Marc Faber : 'I have been thinking about this extensively. If you have all your money in the bank eventually you may lose 40%, 50% or 60% depending on the quality of the bank and how you hold your deposit,' he told CNBC yesterday. 'If you hold your deposit in Singapore, in Singapore dollars, I think your deposit is relatively safe. But if you hold US dollars in a Singapore bank they place that in the interbank market and that deposit may not be safe,' 'In general, I believe well to do people that benefited from the money printing, the easy monetary policies since the early 1980s, will have to give back some of their money, either through taxation, revolution or expropriation.' - in CNBC Squawk Box
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