Marc Faber Sill Sees Global Recession in 2013, Says Stimulus Has Impoverished the U.S.

Marc Faber Sill Sees Global Recession in 2013, Says Stimulus Has Impoverished the U.S.
Dr. Marc Faber the Swiss fund manager and Gloom Boom & Doom editor is still expecting a global recession in 2013 when the economies of the world could take a hit from negative developments.
Speaking to CNBC's Closing Bell on Thursday, Faber still sees a 100% chance the world heads into recession, echoing a call he made in May, as he simply can't see where growth will come from.
"If you look at the world, essentially Europe, the US, China and emerging economies that depend heavily on China, Europe is already in recession, the German economy is still growing slightly but likely to go into recession, the other economies are already in recession. The US has decelerated and I don't see much growth in the next 6-12 months," he said.
Faber was about to elaborate on China's slowdown when he was interrupted by the CNBC anchor.
China's manufacturing activity fell to a nine-month low in August as firms struggled with global woes. Preliminary figures from HSBC's closely watched purchasing managers' index (PMI), which gauges nationwide manufacturing activity, hit 47.8 this month, the lowest since November. New export business declined at its sharpest rate since March 2009, HSBC said, without giving a figure
In May, Faber warned that a global recession was on its way. "As an observer of markets whenever everyone focuses on one thing like Greece and Europe maybe they miss issues that are far more important such as a meaningful slowdown in India and China," he cautioned.
"There are more and more stocks that are breaking down, economic sensitive stocks and companies that cater to the high-end," he said, adding "that suggests to me the economy is likely to weaken and the huge asset run is likely to come to an end with significant asset deflation."