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Marc Faber; Poverty in Zimbabwe

Outrage after wealth analyst says: ‘Thank God white people populated America’

A Swiss investor Marc Faber, known as "Dr. Doom" for his bearish views on the economy and equity markets, has sparked a massive controversy after suggesting the US only prospered because of white people.

Published: October 23, 2017, 8:55 am

    “Thank God white people populated America, not the blacks. Otherwise, the US would look like Zimbabwe, which it might look like one day anyway, but at least America enjoyed 200 years in the economic and political sun under a white majority,” the financial analyst wrote in a newsletter in the October edition of his The Gloom, Boom & Doom Report.

    The comments have cause a public outcry resulting in most major US media outlets rejecting Faber as a guest market analyst.

    “We do not intend to book him in the future,” a CNBC spokesperson said, quoted by Reuters. Similarly, “Faber has not appeared on the network often, and will not be on in the future,” a spokesperson for Fox Business Network said.

    Bloomberg reported that Faber was disinvited as a keynote speaker at a wealth conference in Singapore next month after his comments in a newsletter.

    “To make clear our position, we decided to remove Marc Faber as a speaker,” the event’s founder, hedge fund manager Mikk Talpsepp, said in an e-mail last Friday, adding that the move expresses “the values of our conference”.

    The event will add a clause to its contracts to make it easier to remove speakers who make “inappropriate or racist” remarks, he said.

    Faber has also been removed as director of Canadian-headquartered mining company Ivanhoe, which is developing a South Africa platinum mine. Ivanhoe is active in South Africa and the Democratic Republic of Congo.

    Faber told Reuters in an email: “What else would you expect? If stating some historical facts makes me a racist, then I suppose that I am a racist. Maybe I am wrong, and the US would be far more prosperous if the blacks had populated it, but then please explain to me why you would think so.”

    Zimbabwe is the worst country to live in the world, according to the United Nation’s human development index released in 2010. This report—based on prosperity, health and education—ranks nations based on development over the last 40 years, and Zimbabwe’s human development has decreased significantly.

    On the debate in the US about the removal of Confederate statues, Faber wrote that the only crimes of the people depicted were to “defend what all societies had done for more than 5 000 years: keep a part of the population enslaved”.

    Faber is convinced another financial crisis like 2008 will happen soon and when Wall Street least expects it. He predicted in late June that stocks will fall 40 percent.

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