Marc Faber: Capitalistic System Will Collapse, "Future Will Be A Total Disaster" (VIDEO)

In this month's issue of The Gloom, Boom & Doom Report, Marc Faber issued one of the gloomiest, most depressing takes on the financial crisis and its impact. Faber said that the future, "will be a total disaster, with a collapse of our capitalistic system as we know it today, wars, massive government debt defaults and the impoverishment of large segments of Western society."

Keep in mind this is coming from a man who writes something called "The Gloom Boom & Doom Report." But Faber's analysis, however macabre, is widely followed. He upheld his prediction in an interview with Yahoo's Tech Ticker, arguing that, with the government's stimulus package, "the problems haven't been solved, but they've been postponed."

Faber added that he has a "high confidence prediction" that "total collapse will come." Yikes.

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Comments

[mrjames1]

'Everything put together falls apart' - Paul Simon 1971
'Nothing lasts forever, even cold November Rain' - W. Axl Rose c.1991

The system is broken, and needs to be fixed. Common sense tells you that with diminishing, or finite resources, coupled with increasing populations and expected growth - that something's gotta give. We know economic and social change occurs and is inevitable- but how it occurs is the trick. The fraud and greed of our current society, along with no resolution to fix the known problems, is not promising.

Americans tend to, for better or worse, do things 'bigger'. Industrial revolution? Hell yes, and led the world in improving peoples economic lives despite growing pains of capitalism. EndIng slavery? A dying worldwide institution instead was instead allowed to foolishly rip our nation apart, when so many nations progressed peacefully. Two paths. Choose peace.

[BorseGermany]

The disconnect between the problems facing main street and Washington keep widening. For the past year we've heard nothing but talk of regulation, but zero action. What a joke.

good articles... http://www.iamned.com

meanwhile, the stock market is surging and everyone is too busy to counting their money to show any initiative

[lungfish]

its ok, it all ends in 2012.

If Armageddon doesn't come first.

We are on borrowed time after dodging Y2K, several predicted 2nd Comings, Saddams WMDs, and an attempted return to television by Roseanne, killer bees, reversals of Earths magnetic poles, Gamma Ray bursters, etc....

[Jaywalkker]

Don't forget the EMP in LEO that destroys everything with an "ON" button.

[FooFighter007]

whoever said we have capitalism? thats as false as saying we have a democracy. what is bringing this country down economically and politically is CORRUPTION!

[balancedsolution]

Well it won't totally collapse, but right now it is COLLAPSING and has been for 30 years.

When the falling stops, nobody knows.

[juggernaut1729]

Capitalism will not collapse.

The current system of Government in the western world could collapse. It is unsustainable.

The current system is that the Government creates incentives for people to spend instead of saving and when they start saving despite all the incentives, the Government starts spending in their place. This obviously can't go on forever.

[xilduq]

The "Capitalism" you speak of is but a Ponzi scheme. Since all Ponzi schemes must collapse due to their mathematical unsustainability, Capitalism along with our Government, will collapse.

[NevaforLeadership]

Collapse of capitalism?

That means the collapse of the world economic system, as just about every single country -- even those with communist governments -- now have capitalist economic systems, except North Korea, Cuba and a few of the authoritarian former soviet republics (I think).

He's tagged the dangers, but somehow the world will muddle through. Capitalism won't create doomsday; overpopulation, pollution and depleted resources will.

[vandegrasse]

I say let's hang a few capitalists from the yard-arms!

[mickt]

America is quite interesting and I'm not sure how it breaks out of its current entrenched position. The political system seems to be in stale mate, the wealthy and corporations are forcing a static system to try and hold onto their wealth. There is little adult supervision or investment to drive new industries or corner markets. The method of waiting for corporations to grow foreign markets is being cancelled out by foreign countries growing their corporations to penetrate American markets (the free trade boost to trade is less effective for American company's and is now inverting).

The reality is that country's with money rarely lose their wealth, its just that everyone else grows past them. So in the short term I'm not expecting most American's to notice too much change, but just like they eventually became aware of the rise of China (and of course saw it as a military threat as is typical of the Pentagon/industrial complex), in about 20 years everyone will realized that they still have SUV's, but now the Chinese are living in virtual reality mansions communicating on terabit broadband. i.e. we will look like a 3rd world country scratching in the dust. At that time we will have a collapse of the capitalism as we define it and we will switch to the more efficient "managed capitalism".

[Thinklongterm]

Well I guess it's time to start stocking up on can goods then.

[rf-hawaii]

Where does the Constitution declare America capitalist?

[SaneBull]

Yay stocks surging on Wall Street. Lets forget about high unemployment, wall street greed & corruption, and heath care reform. Happy days are here again for the rich, while everyone else goes though the same $h1t everyday.

good articles; http://www.iamned.com

Ppl have no money, no heath care, no home, no job, no sanity.

[ignorantwillyharper]

We won't have to worry about illegals coming from the south with in four to five years, we'll all be swimming across the river with them as they go back. Mexico will look like heaven compared to what this country will be like.

We've had it really good for the past seventy years and I don't know if we're up to hard times like the last depression.

[NevaforLeadership]

What we focus on is what we get.

[MarkVA71]

With the world running out of fossil fuel, it will hit really hard and fast. I hear people saying they hope it doesn't happen in their lifetime.. well sad to say it's going to... buckle up!

[condor101]

The dollar is losing value against the euro and yen again. I think he's right about the collapse of the dollar. When will it happen? Maybe not for several more years. Probably at the time that the majority of the baby boomers have filed for social security and medicare benefits. Maybe around 2012.
Gold went above $1000 and it wasn't reported that much in the news. This is a big deal. Definitely the smart money is diversifying away from the dollar.
Inflation will occur and it will be the straw that broke the camels' back.
When the dollar loses most of its' value, expect a huge crisis in this country. Millions of baby boomers will find even their secure retirement pensions almost worthless.