"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."
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