Friday, August 16, 2013
Mongolia Could become The Saudi Arabia of Asia
Mongolia is in the middle of an economic boom. In the last ten years the GDP has more than doubled, and Marc Faber has said it could be the "Saudi Arabia of Asia" due to its tremendous mineral resources. But all this growth hasn't come without problems, namely the "resource curse" where economies become unstable because of over reliance on one sector. Political problems are emerging, and neighboring China's thirst for gold is leading to so-called "ninja miners" who work, dangerously and illegally, under the cover of darkness... - in The Business Insider
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.