Unrepentant racist: Business television commentator and Swiss investor Marc Faber facing backlash for racist comments stands by his comments
A Swiss investment adviser often referred to as “Dr. Doom” went out on a racist limb, literally, when he wrote in his monthly report that ‘it’s good white people, and not black people, settled in America’.
“Thank God White people populated America and not the blacks. Otherwise, the US 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,” Marc Faber wrote in the October edition of his “Gloom, Boom & Doom Report.”
The passage which is part of a broader piece denouncing socialism that also features critique of New York City Mayor de Blasio is dated Oct. 3, but his racist commentary has only started to gain attention recently, CNN Moneyreported.
Expounding on his ‘blacks are inferior’ treatise, Faber in an interview with MarketWatch said: “Africans will always use the excuse of [oppression] to explain where they are economically, saying that it is ‘all the fault of the colonists.’ ”
“They would be much better,” he continued, “under a system of Western colonialism.”
Elaborating on his comments, Faber told MarketWatch that “progress would not have been the same” if the United States was colonized by black people.
“Europeans brought science to America,” he said. “They brought technical skills … I am not sure the Africans would have done that.”
Following the comments, Faber resigned from the board of Canadian asset management firm, Sprott, at the request of his fellow directors.
Describing the comments as “deeply disappointing,” CEO Peter Grosskopf said: “We pride ourselves in being a diverse organization and comments of this sort will not be tolerated.”
The backlash: Faber, himself, had “Boom! Gloom and Doom Coming” – Ian Winer, Director of equity trading, Wedbush Securities
Known for his market pessimism, Faber has seen television networks distancing themselves just as Ivanhoe Mines, a mineral exploration company, announced Faber’s resignation from the board.
A bullish Faber told MarketWatch he expects to be booted from several other boards in light of his controversial statements – still, he’s stood by his comments in light of the backlash, insisting: “If stating some historical facts makes me a racist, then I suppose I am a racist,” Faber said in an email to CNN.
“For years, the Japanese were condemned because they denied the Nanking massacre.”
Reacting to Peter Grosskopf’s condemnation of his overt racism, an unrepentant Faber said he was more concerned with the state of free speech in the world, especially in American society: “If you have to live in a society where you cannot express your views and your views are immediately condemned without further analysis and analysis of the context in which [they’re written]—if you can’t live with that, then it is a sad state of where freedom of the press and freedom of expression have come.”
Other market participants have expressed disbelief and disappointment at Faber’s comments. Notably, Ian Winer, director of equity trading at Wedbush Securities, tweeted that Faber, himself, had “Boom! Gloom and Doom Coming”