by Tyler Durden
It is remarkable that, Marc Faber begins, despite the growth the US has enjoyed since the 1960s, the poverty rate has barely changed. Faber believes there are far more “poor” people today as a percentage of the population than there were in the 1960s, because lower middle-class and middle-class people have moved into the ranks of the poor. In his opinion, the increase in poverty rests on four pillars: cultural and social factors, educational issues, excessive debt, and government handouts, which encourage people not to work. Other factors include: international competition, which keeps wages down; and monetary policies, which create bubbles and impoverish the majority… “It’s pretty hard to tell what does bring happiness; poverty and wealth have both failed.”
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.