Marc Faber : At some point, there will be a big reset. In the democracies of the Western world, large numbers of people will vote against the well-to-do. Throughout history, minorities have been targeted. Now the rich will be targeted through some kind of wealth tax or significantly higher tax rates. Eventually there will be so much antagonism against well-to-do people that it won't be comfortable.
Also, geopolitical conditions could
deteriorate badly in the Middle East and Asia. America's reset toward
Asia has alarmed the Chinese, who won't tolerate U.S. interference long
term in the region. Then there's the possibility of a Black Swan event.
If the S&P 500 drops 20%, the Fed will print more money, so that's
not a huge downside risk. But the bond market could collapse, inflation
could accelerate, or the Chinese economy could implode. Or we could have
a destabilizing political event, or a pandemic. - in Barron's