Famed Doomsday Investor: 'Thank God White People Populated America'

Marco Green
October 18, 2017

"Thank God white people populated America, not the blacks".

During the phone interview with MarketWatch, the controversial investor, known for a bearish stance on the market - with notable negative forecasts for the S&P 500 index SPX, +0.00% and the Dow Jones Industrial DJIA, +0.13% - said he had received an email on Tuesday from Sprott Inc., a Toronto-based investment management firm, asking him to step down.

"Ivanhoe Mines disagrees with, and deplores, the personally-held views about race that Marc Faber has published in his current investment newsletter", Ivanhoe said in a statement.

Marc Faber, the über-bearish author of an investing newsletter who frequently appears as a guest on financial TV, wrote in his latest "Gloom, Doom, and Boom" report that he was glad the United States "enjoyed 200 years in the economic and political sun under a white majority". "Otherwise, the U.S. 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", he wrote. Faber writes that socialist tendencies are common in modern communities, and decries efforts to tear down "important historical monuments that are a reminder of our history, even if it was not always glorious".

Additionally, Peter Grosskopf, CEO of Canadian asset manager Sprott. said that Faber would resign from the company's board of directors. "This is what matters to me and not the opinion of some ill informed politically correct people".

Faber doubled down on his comments in a subsequent statement to Business Insider, adding that he is "naturally standing by this comment since this is an indisputable fact", the outlet reported. "We were shocked to learn he has ever thought this way", Grosskopf said.

Television networks are also distancing themselves from the investor, who is a frequent commentator on CNBC and Bloomberg. "For years, Japanese were condemned because they denied the Nanking massacre".

Reached by email, Faber stood by his remarks.

"I am 100 percent sure that the USA will go into hyperinflation", Faber said on Bloomberg TV then.

The comments were part of a letter in which Faber discussed recent pressure to remove Confederate statues across the U.S, according to the FT.

Other reports by Click Lancashire

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