What Happened In Cyprus Will Happen Everywhere: Marc FaberCNBC
Apr. 03, 2013
Tucker: Psychiatric Drugs, Social Alienation, Broken Families, War On Men More Relevant Than Gun Control
Florida School Shooter IDed as 19-Yr-Old Nikolas Cruz
Football Coach Reportedly Shot Shielding Students From Florida Gunman
Student: There 'Had To Be Two Shooters' Because I Talked With Suspect Shortly After Shots Were Fired
Florida Shooter Confesses, Says He Discarded Weapon And Vest To Blend In With Crowd
Growing wealth inequality means that the wealthy have nowhere to hide and that events like those in Cyprus will happen in more countries around the world, including developed nations, said Marc Faber, the contrarian investor and publisher of the Gloom, Boom & Doom Report.
"It will happen everywhere in the world, in Western democracies," Faber said "Squawk on the Street" on Tuesday. "You have more people that vote for a living than work for a living. I think you have to be prepared to lose 20 to 30 percent. I think you're lucky if you don't lose your life."
"If you look at what happened in Cyprus, basically people with money will lose part of their wealth, either through expropriation or higher taxation," he added.
"The problem is that 92 percent of financial wealth is owned by 5 percent of the population. The majority of people don't own meaningful stock positions and they don't benefit from a rise in the stock market. They are being hurt by a rising cost of living and we all know that the real incomes of median households has been going down for the last few years," he said.