"Correct, largely. The problem is then that you have people like Bill de Blasio, they come in and say: 'you know what's the problem? All these rich guys. Because of these rich people, you are poor. They take advantage of you. So, let's go and tax them.' The IMF has come out with a paper in Europe that essentially the well-to-do people should pay a 10% wealth task -- a one-time wealth tax. I can assure you, a one-time wealth tax, 10%, will become an every-year's tax eventually."
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Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.Dr. Doom also trades currencies and commodity futures like Gold and Oil.