Better fasten your seatbelt.
According to CNBC the debt burden in the U.S. and other Western
countries will continue to increase, Marc Faber, author of the Gloom, Boom and
Doom report told CNBC on Monday, leading to a “colossal mess” within the next
five to 10 years.
“I think the regimes will try to keep the system alive as it
is for as long as possible, which means there’s no “fiscal cliff,” there’s a
fiscal grand canyon,” Faber told CNBC’s “Squawk Box.”
Faber argued that the political systems in place in the West
would allow the debt burden to continue to expand. Under such a scenario of
never-ending deficits, the Western world would rack up huge deficits. One day, the system would break, he said. “Eventually, you have either huge changes
occurring in a peaceful fashion through reforms, or, usually, through
revolutions,” he said. The U.S. is getting closer to such a revolution, he
said, as is Europe…..
Wait…wait…there’s more at http://www.cnbc.com/id/49500213
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