Will capitalism fall like communism? Another Dr. Doom says yes

by Melly Alazraki

Before you go shoot your arrows at Nouriel Roubini, hold your horses. This is yet another Dr. Doom, Marc Faber, the author of "The Gloom, Boom & Doom Report." And before you decide he's anti capitalist or anything of the sort, hear him out.

Faber says that a sustainable recovery will occur only when the corporate system is cleansed of losses, and he hopes this happens by free market forces rather than government intervention. If this does not happen, and as it stands now he believes governments are trying to protect their poor investments and thus prevent this from happening, then he thinks capitalism risks collapsing "the way communism collapsed."

He spoke aon CNBC Europe's Squawk Box as part of a panel. The U.S. and its actions were a major part of the discussion, in which Charles Ortel, Managing Director of Newport Value Partners, said the U.S. is waging a war on capitalism. And he gave examples of the government is turning CEOs and companies against their fiduciary duty to shareholders. Ken Lewis being told to lie about the Merrill Lynch transaction was one.

more in:
http://www.dailyfinance.com/2009/05/15/will-capitalism-collapse-like-communism-another-dr-doom-says-y/