Home > World Economy > GLOBAL ECONOMIC COLLAPSE: Marc Faber – “Prepare For A Massive Market Meltdown”?!

GLOBAL ECONOMIC COLLAPSE: Marc Faber – “Prepare For A Massive Market Meltdown”?!

The CELESTIAL Convergence | http://thecelestialconvergence.blogspot.com/

November 14, 2012 – UNITED STATES – The markets are going to go into meltdown soon, so expect stocks to lose 20 percent of their value, Marc Faber, author of the Gloom, Boom and Doom report told CNBC on Tuesday.

“I don’t think markets are going down because of Greece, I don’t think markets are going down because of the ‘fiscal cliff’ — because there won’t be a ‘fiscal cliff,’ ” Faber told CNBC’s “Squawk Box.” “The market is going down because corporate profits will begin to disappoint, the global economy will hardly grow next year or even contract, and that is the reason why stocks, from the highs of September of 1,470 on the S&P, will drop at least 20 percent, in my view.” Faber, who is known for his bearish views, cited tech giant Apple [AAPL 542.898 0.068 (+0.01%)], a company whose disappointing earnings have caused its stock to fall 20 percent from its September highs and 14 percent in the past month. A series of poor quarterly earnings from corporate giants such as Amazon.com [AMZN 226.60 0.13 (+0.06%)], McDonald’s [MCD 84.64 -0.24 (-0.28%)] and Google [GOOG 659.0532 -6.8468 (-1.03%)] have hurt investor sentiment in recent weeks. Faber argued that the “fiscal cliff,” a rise in taxes and automatic spending cuts, would actually involve some minor tax increases in “five years’ time” and some spending cuts “in 100 years.”

What the U.S. needed was some pain, he said, aptly demonstrated by the euro zone’s austerity measures that are attempting, with a mixed measure of success, to curb gaping budget deficits. “There will be pain and there will be very substantial pain. The question is do we take less pain now through austerity or risk a complete collapse of society in five to 10 years’ time?” he said, adding that there was a lack of political will to tackle the U.S. budget. Faber identified several issues curbing an economic recovery, such as the real estate market, which he said had never been so “overbuilt.” He also said there was lots more deleveraging ahead. “In the Western world, including Japan, the problem we have is one of too much debt and that debt now will have to be somewhere, somehow repaid or it will slow down economic growth,” Faber said. “I think we lived beyond our means from 1980 to 2007, and now it’s payback period.” Faber told CNBC that central bank stimulus was useless and the implosion of markets was the only way to restructure the financial system. “I think the whole global financial system will have to be reset and it won’t be reset by central bankers but by imploding markets — either the currency [markets, debt market or stock markets,” he said. “It will happen — it will happen one day and then we’ll be lucky if we still have 50 percent of the asset values that we have today.”

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Duration : 0:7:47

  1. PrepperNurse NewMexico Feb 8th, 2013 @ 18:42 | #1

    Are you kidding me? …
    Are you kidding me? They have gold silver and lots of _things__________
    They own the oil gas col water rights ect. They won’t need paper except for the bathroom

  2. malcolm millard Feb 8th, 2013 @ 18:42 | #2

    those countrys in …
    those countrys in europe r in a deppression

  3. Skibum Willy Feb 8th, 2013 @ 18:42 | #3

    In “Inheriting an …
    In “Inheriting an Abundant Earth” on youtube, a simple rule tweak on an inheritance cap ends up changing the direction and purpose of modern human life! It’s something specific we can demand. Are we really just this close to having it work right? Watch “Inheriting an Abundant Earth” (“Occupying Chairlifts” 5.0) then sign the petition, and share it!!

  4. extere Feb 8th, 2013 @ 18:42 | #4

    i hope you wrong, …
    i hope you wrong, but it looks like it. not so fast. probably within 2 yrs

  5. Manny Dafs Feb 8th, 2013 @ 18:42 | #5

    why some people are …
    why some people are so thick ? what go up must go down, What go around come around it’s sample us that . and must of all, people all over the world are smarter then their parent was and they want things just like anyone else so for that someone had to loose for someone to gain what goes up must come down .

  6. KillahArf Feb 8th, 2013 @ 18:42 | #6

    when everything …
    when everything collapses the rich will look at their bundles of money and realize that all they possess is paper

  7. Gold Bullion Feb 8th, 2013 @ 18:42 | #7

    Great video. You …
    Great video. You might want to check out this one as well: bit.ly/YG9YWz?=dsdfs

  8. mike neskov Feb 8th, 2013 @ 18:42 | #8

    i think thats way …
    i think thats way to low. their Goblasit zionist want to exterminate 85% of world population. how do they do it? first step will be economic global collapse/ WWIII war with Iran, following with extreme poverty civil unrest world wide + famine and diseases. Its a pretty fuked up picture. Gold and silver is a great investment in the long run, but that will be irrelevant in short term when chaos and mayhem strikes US/Canada and Europe. 3rd world countries are already dirt poor nothing new to them

  9. Johnatany Feb 8th, 2013 @ 18:42 | #9

    The day of an …
    The day of an Economic collapse is coming this is not a joke Buy Gold and Silver cause they will hold their Value, once it will happen their will be no place to escape

  10. SexuaLobster Feb 8th, 2013 @ 18:42 | #10

    i resemble the …
    i resemble the guy’s attitude at 7:07

  11. ristau Feb 8th, 2013 @ 18:42 | #11

    MF is a Bad Ass.
    MF is a Bad Ass.

  12. troy brownrigg Feb 8th, 2013 @ 18:42 | #12

    I’m urging all …
    I’m urging all Americans to invest in silver / gold/ food/ guns/ ammo/ prepper supplies. I urge all of you to stop supporting Walstreet crooks as well as goverment crooks. If you don’t have to work and pay taxes don’t. work for yourselfs, grow your own food. I do not support riots or any destructive means. I believe if you destroy your cites you just limit where people could work or live.

  13. troy brownrigg Feb 8th, 2013 @ 18:42 | #13

    Stocks will no …
    Stocks will no longer be a part of my portfolio. I’m selling all stocks paying off all debt. the investing in silver. prepper supplies etc..

  14. 1971Armageddon Feb 8th, 2013 @ 18:42 | #14

    Oh the PAIN will be …
    Oh the PAIN will be bad, my best guess is about 20-25% of the U.S. population will die.

  15. Samantha Buchanan Feb 8th, 2013 @ 18:42 | #15

    The male presenter …
    The male presenter was too sensitive

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