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The US is headed toward hyperinflation, and within five to 10 years it could have inflation rates of 10 to 20 percent, said Marc Faber, editor and publisher of the Gloom, Boom & Doom Report.
"In every society, when you have large fiscal deficits combined with easy monetary policies … the likelihood that you will have high inflation is very, very high," Faber said. "And it happens very quickly."
These numbers rise so speedily because the government "massively" understates the country's rate of inflation, Faber said. To get a true reading, he said, people need to ditch core inflation numbers and include CPI in their analysis.
"It’s a lie what they publish," said Faber. "If you underweigh education costs, and if you underweigh health care costs, then you come to a totally different result."
In such a volatile market, Faber said the safest place to invest is in equities or assets.
"I'm not very bullish about real estate prices in the U.S., but I'd rather be in real estate than in 30-year U.S. bonds."
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