Gloom Boom & Doom Report editor Marc Faber on Bloomberg December 1, 2009.
Historically, occasionally there were huge sovereign defaults and governments sponsored enterprise defaults. So, what we’ve seen is just the tip of the iceberg. I just maintain that we had a financial crisis in 2008. We then had stimulus packages and quantitative easing. But nothing has been resolved. It’s just being postponed.
The ultimate crisis will not just bankrupt the banking system and the financial sector as has happened in 2008, but it will bankrupt governments.