Aug 23, 2011
Both the U.S. and Europe are facing a decade of slow growth brought on primarily by the blunders of central banks, noted doomsayer Marc Faber said.
Investors should protect themselves by buying plenty of physical gold and putting it in a secure location, preferably outside the U.S., the author of the Gloom Boom and Doomnewsletter told CNBC.
“If I look at the politicians both in Europe and the U.S., I don’t think that prospect (for growth) is very good,” he said. “If I also look at the entitlement system and the government expenditures and the fiscal deficits and the debt overhang, I think for the next 10 years we’ll have very muted growth in the Western world and standards of living for the average household will continue to decline.”
In other words, he said, the next 10 years are likely to be much like the previous decade.
This article was posted: Tuesday, August 23, 2011 at 7:28 am