Repent, the end is nigh.
It’s a message Marc Faber has been preaching for almost three decades, ever since his correct call on the ’87 market crash launched him into the stratosphere among prophets of market doom. Indeed, his official title is publisher of the “Gloom, Boom & Doom Report,” and prognostications of misery have paid off well.
Faber told Bloomberg Television on Monday that in today’s market “there is no safe haven.”
On the debt ceiling debate in Washington, Faber said, “it’s basically a dysfunctional government that we have that is far too large that is essentially wasting money left, right and center.”
On how he sees the debt ceiling debate playing out:
“If they don’t agree by the 17th, I think what can happen is that the Fed will actually finance the Treasury independently so the interest payments are being met. If the interest payments are not being met, I think it will cause quite a bit disruption to the financial market. I am not that concerned about that. I think this larger issue is like the euro issue a year ago where people were very negative and it was debated and so forth. In the end it is a political decision. I think both parties want to spend. It’s just on different items that they want to spend money.”