Hong Kong’s ‘Dr. Doom’ says global recession a 100% ‘sure thing’
Hong Kong-based economist and investor Marc Faber said on Thursday during an interview with CNBC’s Closing Bell that a global recession is a 100% ‘sure thing’.
The renowned permabear editor and author of the ‘Gloom, Boom and Doom Report’ who is also known by the moniker of ‘Dr. Doom’ told CNBC reporters that Europe is already in recession and that bulwark EU economy Germany is likely to enter a recessionary period soon, while the US has decelerated with little likelihood of growth in the next year.
Faber said that further injections of liquidity by the Federal Reserve would be insufficient to change the broader economic outlook unless in massive quantities, but that fiscal measures already undertaken by both the Federal Reserve and the Treasury had essentially ‘impoverished the US economy.’
Faber also expects the deficit of USD1.3 trillion to continue rising regardless of who wins the US presidential election in November.