Tuesday, August 14, 2012

MARC FABER: If I Had To Vote For Obama Or Romney, I'd Shoot Myself - Business Insider

Marc Faber, the famous investor and strategist, says that neither candidate in the upcoming U.S. Presidential election is worth voting for, at least if the goal is fixing the economy. In fact, says Faber, the Thailand-based author of the Gloom, Boom & Doom Report, if you put a gun to his head and told him to pick a candidate to vote for, he'd say, "shoot."

Why is Faber so negative on the two candidates?

Because he thinks neither Barack Obama nor Mitt Romney will have the balls to do what it takes to get the economy back on track, which, in his opinion, is significantly cut government spending AND modestly raise taxes. Rather, he thinks, both candidates will just focus on remaining popular. Given that America will almost certainly choose one of these two candidates to be its next President, what is Faber's outlook for the U.S. economy? Continued crappy growth.

Faber's outlook for the rest of the world, meanwhile, is even less encouraging. Europe is already in a recession, he says, and Asia's growth has peaked and is starting to decline. Interestingly, Faber is not running away from stocks as a result of this dour view. Rather, he is starting to buy some stocks in Europe, because the valuations have gotten so slammed that he now finds the risk/reward profile attractive. And, with almost every government on earth trying to print its way out from under its huge debt load, Faber still remains a big fan of gold.

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