Marc Faber : Odds of Global Recession Are 100%
Marc Faber : Odds of Global Recession Are 100%:
Published: Thursday, 23 Aug 2012 | 3:46 PM ET
By: Justin Menza
There’s still a 100 percent chance the world heads into recession, Marc Faber, publisher of “The Gloom, Boom & Doom Report,” told CNBC’s “Closing Bell” on Thursday, echoing a call he made in May.
When you look at the major economies, Europe, the U.S., China and the emerging markets that are dependent on China for growth, Faber, aka Dr. Doom, only sees weakness.
“Europe is already in recession,” he said. “Germany is still growing very, very slightly, but is likely to go into recession soon.”
Growth in the U.S. is also falling off. “The U.S. economy has decelerated and I don’t see much growth in the next six to 12 months,” Faber said.
There’s also little the Federal Reserve and other policy makers can do to turn the U.S. economy around. “I think that if you look at the injection of liquidity and the intervention by the Federal Reserve and the Treasury with fiscal measures, it has already impoverished the U.S. economy,” he said.
It would take “massive easing, a huge balance sheet expansion,” to boost economic activity in the U.S., according to Faber. (Read More: More Easing Not Needed If Growth Holds Up: Fed’s Bullard.)
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