Tuesday, 21 May, 2019


Gold bull Marc Faber under fire for racist comments

Marc Faber Adam Jeffery | CNBC Marc Faber
Conrad Doyle | 18 October, 2017, 09:00

Swiss investor Marc Faber has doubled down on racially charged remarks he made in an October newsletter, suggesting that the US would be in a qualitatively different state if it had been colonized by black people instead of whites. "Doom" for his occasionally jaundiced view of the markets has been booted from the board of a major investment company after saying it was good that blacks didn't settle the USA or the country would "look like Zimbabwe". Still, Faber predicted a major stock market decline on the business news channel last month, saying: "You don't see, and I don't see".

"Otherwise, the USA would look like Zimbabwe, which it might look like one day anyway, but at least America enjoyed 200 years in the economic and political sun under a white majority", Faber also said in the October edition of his "Gloom, Boom & Doom Report". He hadn't appeared on Bloomberg since 2016, the network said.

Sprott, a Toronto-based alternative asset manager where Faber had served as a director since 2010, demanded his resignation and he complied, effective immediately.

Reached by phone Tuesday afternoon, after details of Faber's column began circulating widely, Grosskopf said "We were deeply disappointed to hear these remarks".

Spokespeople for CNBC, Fox Business and Bloomberg TV all confirmed to CNNMoney on Tuesday that they do not plan to book Faber in the future.

In response to CNBC's decision, Faber told Reuters in an email: "What else would you expect?"

When asked if he was directly responsible for and if he stood-by the racist comments in the October edition of Gloom, Doom, and Boom report, Faber told Business Insider, "I am naturally standing by this comment since this is an undisputable fact..."

In a statement, Grosskopf also said they pride themselves on being a diverse organisation and comments of such sort will not be tolerated.

"If stating some historical facts makes me a racist, then I suppose that I am a racist", Faber said by email.

Faber said contemporary society focused too much on issues like the monuments rather than on issues such as the growing amount of outstanding debt and "unfunded government pension liabilities". He assured their commitment to providing an inclusive workplace for all of our employees and extends the same respect to clients and investors.

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