Economy

Marc Faber Kicked Off Sprott's Board Of Directors

Marc Faber Kicked Off Sprott's Board Of Directors”

A number of businesses and financial networks have distanced themselves from investor and markets commentator Marc Faber after an investor letter in which he wrote "thank god white people populated America, and not the blacks", came to light on Tuesday. "Doom" for his occasionally jaundiced view of the markets has been booted from the board of a major investment company after saying it was good that blacks didn't settle the United States or the country would "look like Zimbabwe".

Comments made by Swiss investment adviser Marc Faber about race triggered a swift backlash.

In further e-mails, Faber, who writes the "The Gloom, Boom & Doom Report" newsletter - famous for its bearish take on the markets - said, "I am aware that we all have different values, but I was talking about economic progress when I wrote my report, not [white nationalist] values", he said.

"Otherwise", Faber continued, "the USA 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".

"I am not a racist", Faber continued, "but the reality - no matter how politically incorrect - needs to be spelled out as well".

In an email to Business Insider, Faber said that the networks decision wasn't consequential to him.

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

In response to CNBC's decision, Faber told Reuters in an email: "What else would you expect?"

Faber has since resigned from the board of Sprott, a Canadian asset management firm, at the request of the other directors.

Reached by phone Tuesday afternoon, after details of Faber's column began circulating widely, Grosskopf said "We were deeply disappointed to hear these remarks".

"We pride ourselves on being a diverse organization and comments of this sort will not be tolerated", Grosskopf said in a statement.

CNBC and Fox Business Network said Tuesday that they won't book him on their shows any longer.

He referred to confederate monuments as "statues of honourable people whose only crime was to defend what all societies had done for more than 5,000 years: keep a part of the population enslaved".

In the October edition of his report, which is available only in print and was seen by Business Insider, Faber focused on the economic policies of major governments.

Faber also serves on the board of directors of Ivanhoe Mines and Novagold Resources.



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