Skip navigation

Current DateTime: 07:10:11 09 Feb 2012
LinksList Documentid: 23452764
Expiration DateTime: 2/9/2012 7:12:24 AM

Current DateTime: 07:10:12 09 Feb 2012
LinksList Documentid: 23452000
Expiration DateTime: 2/9/2012 7:12:40 AM

Current DateTime: 07:10:12 09 Feb 2012
LinksList Documentid: 24355697

MOST SHARED


Current DateTime: 07:10:12 09 Feb 2012
LinksList Documentid: 31330905
Expiration DateTime: 2/9/2012 7:12:45 AM

MOST POPULAR


Current DateTime: 07:10:13 09 Feb 2012
LinksList Documentid: 35819650
    • Super Bowl, Super Bucks

        Whether it's the Patriots or Giants who actually win the game, the business of the Super Bowl is a touchdown either way.

HOT ON FACEBOOK

US Faces Same Economic Woes As Greece: Marc Faber

Published: Friday, 7 May 2010 | 9:39 AM ET
Text Size
By: CNBC.com

The US is facing the same dire economic problems as Greece, Marc Faber, author of the Gloom, Doom and Boom Report, told CNBC Friday.
Dr. Marc Faber
Axel Griesch | ASFM | Getty Images
Dr. Marc Faber

"Many people haven't woken up to the severity of the US fiscal crisis," Faber said by phone. "The only difference for the US from Greece is that it can print more money."

Faber said that most western countries as well as the US cannot pay for unfunded liabilities and that more sovereign defaults will happen in the future.

As for Greece, Faber said the country was basically bankrupt and the EU will most likely have to bail it out.

"That's good for Greece," Faber went on to say, "but it's a big negative for the EU to have to come up with the funds."

Asked about Thursday's plunge of the Dow, Faber pointed to reasons beyond the Greek government's vote for an austerity package and the following protests.

"It's not that Greece alone produced the market sell-off," said Faber. "It was a trigger but the market was probably overbought and we were ahead of economic fundamentals."

As for predictions that the Chinese economy is headed for a recession, Faber said that he expected a slowdown over the next couple of years.

"The Chinese stock market is already down by 25 percent from last August," said Faber. "A real estate bubble exists in some parts of the country. But it won't be as bad as what the US has had. How bad the recession there will be is hard to say. I still believe in the Chinese economy, but there will be a slowdown."

© 2011 CNBC.com

CNBC HIGHLIGHTS

  • New options and disclosures on fees should give workers more control over their retirement savings.
  • A pilot program that moves passengers through pre-flight security screening is being expanded to more airports in the US.
  • "Tete" by Amadeo Modigliani
  • Amy Cappellazzo of Christie's on the red-hot art market. Last year Christie's sold 719 million dollar artworks.
  • That’s right, one unaccredited private college is offering free tuition to attract students, over the next four years.
  • Many employers are finding that older workers are more reliable than their younger counterparts.
  • Adolf Eichmann
  • The Mossad has opened its archives to reveal how its agents captured a notorious Nazi war criminal.


Current DateTime: 06:21:59 09 Feb 2012
LinksList Documentid: 29778428

Current DateTime: 11:14:49 08 Feb 2012
LinksList Documentid: 29779196

Current DateTime: 03:29:43 09 Feb 2012
LinksList Documentid: 29779197

Current DateTime: 11:14:50 08 Feb 2012
LinksList Documentid: 29779199
CNBCCNBC
About CNBC  |  Site Map  |  Video Reprints   |  Advertise  |  Help  |  Contact
Privacy Policy  |     |  Terms of Service  |  Independent Programming Report
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2012 CNBC LLC.  All Rights Reserved.
A Division of NBCUniversal
Thomson ReutersThomson Reuters