With an impressive record for foreseeing financial disaster, investment guru Marc Faber has advised Swiss pension funds to get their money out of the U.S. and move it into Asia. Faber, known as a “contrarian” and by the nickname “Dr. Doom,” for accurately predicting the stock market crash of 1987 and other crises, presumably intended his comments to all global pension funds, but made his remarks to Swissinfo. Faber said he would put a minimum of 50% of client money in Asia because “there is a shift of wealth, and Asian currencies are strengthening against the U.S. dollar.”
He criticized the U.S. Federal Reserve for continuing to print money to pay for interest payments on U.S. foreign debt, creating “bubbles all over the place that could lead to one volcanic eruption after the other.” He concluded, “The underperformance of U.S. assets against foreign assets and precious metals, which began in 2002, will continue for as far as the eye can see.”
