Marc Faber: global economy is on the cusp of a recession
By Goldseek Radio / July 09, 2019 / marketsanity.com / Article Link
According to Dr. Faber, the global economy is on the cusp of a recession. Investors are advised to batten down the hatches.A global / domestic economic maelstrom of epic proportions where paper assets denominated in the reserve currency lose up to 80% is possible.Few asset classes will endure the economic storm ahead, however, safe havens include gold, silver, PMs shares and cryptocurrencies.Despite the remarkable increases in modern productivity given quantum leaps in access to technology and information, living standards are sagging.Incomes have not matched increases in the cost of living.The duo concur that the erosion of the standard of living is directly correlated to profligate money expansion, which acts as a reverse "Invisible Hand."Both the guest/host advocate diversification of asset classes, increasing the weighting of safe haven, hard money assets in the coming years to shield wealth from potential economic volatility.
Dr. Marc Faber was born in Zurich, Switzerland and obtained a PhD in Economics at the University of Zurich. Between 1970 and 1978, Dr. Faber worked for White Weld & Company Limited in New York, Zurich and Hong Kong. From 1978 to February 1990, he was the Managing Director of Drexel Burnham Lambert (HK) Ltd. In 1990, he set up his own business, Marc Faber Limited which acts as an investment advisor and fund manager. Dr. Faber publishes a widely read monthly investment newsletter, "The Gloom Boom & Doom Report," which highlights unusual investment opportunities, and is the author of several books including Tomorrow's Gold: Asia's age of discovery which was a best seller on Amazon. Dr. Faber is known for his "contrarian" investment approach and charismatic personality. He became infamous after calling the 1987 crash in US equities.
