Monday, October 31, 2016
Marc Faber on China's Fast Industrial Pace
Indeed, when it comes to China, "no other country has industrialised at such a fast pace". China consumes more Aluminium than Europe, US and Japan combined, Mr Faber said. Same for copper.
Most remarkable perhaps, is that in the 1970s developed countries accounted for 90 per cent of global trade whereas today it is around 30 per cent.
Crucially, more and more trade was happening between emerging economies directly, and investors need to understand that has important economic and geopolitical implications, Mr Faber said.
"In 1973 when I came to Asia everybody said that if the US sneezes, then Asia catches a cold, because all Asia's exports went to the US," he said. Today trade in the region was much more "China-centric", with Asian economies "relying much more on trade with China than with the US."
"China is the largest trading partner of 124 countries," Mr Faber said, including Australia. In comparison, the US was the largest partner with 74.
"The whole of Asia has become very integrated."
Read more: http://www.afr.com/markets/dr-marc-faber-says-the-west-needs-a-serious-recession-20161027-gsc60i#ixzz4OftDEo7E
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.
Dr. Marc Faber Tomorrow's Gold
Dr. Marc Faber author of the Gloom, Boom and Doom report is a world class Investor, Doctor Faber 's typically controversial and contrarian views have earned him the label of Dr. Doom. Doctor Doom also trades currencies and commodity futures like Gold Natural Gas and Crude Oil.Even his harshest critics must admit that he's been unerringly correct in his market forecasts over the past three decades . Marc Faber is a Swiss investor.He was born in Zurich, Switzerland. He went to school in Geneva and Zurich and finished high school with the Matura. He studied Economics at the University of Zurich and, at the age of 24, obtained a PhD in Economics magna cum laude. Between 1970 and 1978, Dr Faber worked for White Weld & Company Limited in New York, Zurich and Hong Kong. Since 1973, he has lived in Hong Kong. From 1978 to February 1990, he was the Managing Director of Drexel Burnham Lambert (HK) Ltd. In June 1990, he set up his own business, which acts as an investment advisor and fund manager. Faber is publisher of the Gloom Boom & Doom Report newsletter and is the director of Marc Faber Ltd which acts as an investment advisor and fund manager.