Cutmore: Marc Faber on Armageddon

By Geoff Cutmore, CNBC Anchor

Prepare for War, the Death of capitalism and Bankruptcy of the US Government (not necessarily in that order)


A vintage performance from the author of "The Gloom, Boom & Doom Report". This morning – living up to his reputation for bearishness - Marc Faber forecast a litany of unpleasant events ahead.

His key message is: buy real assets. He thinks it will take years for the global economy to recover, but when it does the effect of governments' printing money will ultimately reignite inflation.

"If you're in any field, you should own a farm because one day you will be grateful that you are able to grow your own agricultural produce."

Recovery will be slow because government meddling in the markets will postpone it. He argues that the final low for markets and for growth will only come when the debt and losses have been cleaned out of the system.

Unless the system is cleaned out of losses, "the way communism collapsed, capitalism will collapse."

"The best way to deal with any economic problem is to let the market work it through."

The Fed is destabilizing, it's creating "enormous volatility".

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