'Massive Wealth Destruction' Is About to Hit Investors: Marc FaberBy: Jeff Cox, CNBC.com Senior Writer
Apr. 02, 2012
Canadian State TV Hails 'Beige Horizon' With No White People
OSU Diversity Officer Urges Sympathy For Somali Refugee Terrorist
'It's A Hate Crime': Black Teens Hospitalize White 'Trump Voter'
Italy's Minister Of Interior: Surrender Your Homes To Migrants Or Face Jail
VA School Board Member Loses Job Over Anti-Trump, Anti-White Male Facebook Rant
Runaway government debts have triggered uncontrolled money printing that in turn will lead to inflation that will decimate portfolios, according to the latest forecast from "Dr. Doom" Marc Faber.
Investors, particularly those in the "well-to-do" category, could lose about half their total wealth in the next few years as the consequences pile up from global government debt problems, Faber, the author of the Gloom Boom & Doom Report, said on CNBC.
Efforts to stem the debt problems have seen the Federal Reserve expand its balance sheet to nearly $3 trillion and other central banks implement aggressive liquidity programs as well, which Faber sees producing devastating inflation as well as other consequences.
"Somewhere down the line we will have a massive wealth destruction that usually happens either through very high inflation or through social unrest or through war or credit market collapse," he said. "Maybe all of it will happen, but at different times."