Veteran investor Marc Faber claimed in his newsletter this month that “the U.S. would look like Zimbabwe” if it had been settled by black people instead of whites. In a 15-page edition of his investor letter, “The Gloom, Boom & Doom Report,” Faber argued against the removal of confederate statues, saying the only crime of the men those monuments honored was to defend slavery and that the controversy distracts from more important debates. In between quotes from George Orwell and historian Edward Gibbon and his opinions on universal basic income, he wrote the following: His comments come as nationalist movements and racist sentiments are gaining traction around the world. After white supremacists marched with torches on the streets of Virginia and were met by protesters, U.S. President Donald Trump said there were “very fine people on both sides.” Faber, who was a managing director at Drexel Burnham Lambert until 1990 and has been a frequent commentator on markets for decades, is known for bearish and what he calls contrarian views.
“If stating some historical facts makes me a racist, then I suppose that I am a racist,” Faber wrote in an email to Bloomberg News. “For years, Japanese were condemned because they denied the Nanking massacre.”