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What Happened In Cyprus Will Happen Everywhere: Marc Faber

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.

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Wake Up Call

The dominos are starting to fall. As the collapse happens we, who understand this is a necessary correction that needs to let itself work its course, need to be the louder voices than those who will likely call for government "help" for additional bank/industry bailouts and for "Recovery Act part II." We need to soundly reject any calls for government assistance. That means we need to propose private sector solutions to help those who will be hurt by this looming collapse: we need to each do our part to volunteer at churches and charities to help those who will inevitably lose their jobs and possibly their homes and help them get by until the real recovery happens (which can't happen until both prices and wages are allowed to fall back down to reasonable levels). If we can keep government out of the solution and also insist on drastic govt spending cuts, and let the free market determine what the price of good and labor should be, it should all be over much more quickly than if government steps in with extending unemployment benefits, public works programs, industry/bank bailouts, etc. One only need compare the Depression of 1920 (over in about one year) to the Depression of 1929 (drug on until after WWII) as evidence true laissez-faire works.

This is pretty big

because Mark is a big-time lame stream talking head.

Debbie's picture

Really good interview.

Thank you!