Faber: ‘Massive Wealth Destruction’ Is About to Hit Investors

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.”

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