Friday, June 19, 2015

Marc Faber: Recession Coming this Year

Marc Faber of the Gloom, Boom & Doom report discusses Federal Reserve policy.

"I doubt they would increase rates this year. I think they'll keep rates at essentially zero," Faber said Wednesday in a "Trading Nation" interview. "[Fed Chair Janet] Yellen said very clearly that the rate hikes are data-dependent, and data is globally getting worse, it's not getting any better." "I don't think the U.S. economy is doing particularly well," the editor and publisher of the Gloom, Boom & Doom Report said. "One of the problems is affordability, and cost-of-living increases. For most households, the cost of living has gone up very substantially and so their spending power is limited. In addition to that if you look at tax revenues in the U.S., corporate tax as a percent of GDP is essentially flat. However, what has gone up a lot as a percent of GDP is individual taxes, so it has some negative impact on the economy."

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.

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