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March 18, 2016 at 12:15 PM
Marc Faber believes the U.S. will not be a sound, well-run economy like Singapore “unless of course the U.S. is run by [Donald] Trump. Then the U.S. will improve.”
During an interview on Bloomberg Television, the author of the Gloom, Boom & Doom Report added, “Given the alternatives, I would vote for Mr. Trump, because he may only destroy the U.S. economy, but Hillary Clinton will destroy the whole world.”
While Faber, a Swiss investor who lives in Thailand, agrees Donald Trump’s potential policies to slow international trade between the United States and other countries would be a negative effect free markets, he also thinks the U.S. has “essentially given in on a lot of things” that benefit other countries.
“If you look at, say, the growth, 2000 to today, which countries have done relatively well? The emerging markets have done fantastically well,” Faber said. “Their GDP has gone up substantially. The standards of living have gone up substantially. They have accumulated large reserves, and so forth.”
On the other hand, he said, the U.S., Europe and Japan have been declining.
“[The] statistics are visible from industrial production in emerging economies. It’s doubled in the last 12 years. Global trade, you look at the share of emerging markets, it’s gone up,” he told Bloomberg TV. “The developed world, the U.S., Europe, Japan, it’s gone down and so forth. So I think that maybe we have to find a way to have a more balanced approach to global trade. I’m not saying protectionism, but the more balanced approach that is fair to the developed world.”
When asked how Clinton will “destroy the world,” Faber said to “look at her nation building in the Middle East, how successful that has been.”
