Monday, December 28, 2015
The Mood is very Negative about Asia Right now
ETF.com: You're going to be at the Inside ETFs conference in Florida in January. What are you going to be talking about?
Marc Faber: I’ll talk about macroeconomic developments. Right now, the mood is very negative about Asia. I moved to Asia in 1973 and I've been writing about it in my “Gloom, Boom & Doom Report” since then. When I came to Asia, Hong Kong, Singapore, Taiwan and South Korea were dirt poor. But you go to Korea, Taiwan or Singapore nowadays, and they’re very modern societies.
There has been a huge economic development. On the other hand, in the West, not much progress has been achieved in terms of real GDP per capita. The typical family in the Western world—including Europe and the U.S— is actually hardly better off than in the 1970s.
Carl Icahn and Mark Zuckerberg are much richer. That's true; some people have become very wealthy. But the typical family has lagged behind significantly. But in Asia, I can say that basically everybody has progressed; some more than others, but there was huge progress.
The dominance of the global economy that resided with Britain in the 19th century, with Europe and the U.S. in the 20th century, is moving elsewhere—particularly to Asia. In the long run, there are still huge opportunities there.
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.
Posted by Nicole Bourbaki