Faber, managing director and founder of Marc Faber Ltd., discussed the state of the Chinese economy, the outlook for the U.S. stock market, gold and bitcoin with Trish Regan on Bloomberg Television's "Street Smart."
“The momentum sell-off has caused internal market damage” and “svery asset in the world is over-inflated right now…” Faber warns.
China worries him the most and he warns that Chinese growth figures are a fallacy.
“If one analyzes the data carefully” it is clear that “China is growing at most 4%.” Given the“gigantic credit bubble” the outlook is not hopeful as the sharp deceleration in growth is likely to continue. Faber also has strong words for Western nations
treatment of the rest of the world and “the US will have to back off.. because China is so important.”“I like the concept of Bitcoin”... “Bitcoin has its merits since you may not be able to carry gold across borders,” Faber said.“People think they know what the future holds… and what Central banks are up to.. they don’t… I will never sell my gold and I buy more every month… I would not be short gold,” Faber said. - via fxstreet.com
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.Dr. Doom also trades currencies and commodity futures like Gold and Oil.
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