Runaway government debts have triggered uncontrolled money printing that in turn will lead to inflation that will decimate portfolios, according to the latest forecast from “Dr. Doom” Marc Faber.
Investors, particularly those in the “well-to-do” category, could lose about half their total wealth in the next few years as the consequences pile up from global government debt problems, Faber, the author of the Gloom Boom & Doom Report, said on CNBC.
Don’t worry — we’ll just raise taxes on the rich to make up the revenue shortfall. Er, on the formerly-rich.
Of course, the rich can take the hit. They won’t like it, of course, but half of a Whole Hell of a Lot is still a lot. The real pain will come from normal folks trying to get by on stagnant-if-extant paychecks, while the cost of living soars.