Famed investor Marc Faber says Greece is basically bankrupt — but adds stocks were weakening globally before the crisis escalated over the weekend. In an interview, the publisher of the Gloom, Boom, and Doom Report, tells Bloomberg TV:
- Europeans hate the EU and view it as corrupt and useless
- 200 stocks on the NYSE have hit 12-month lows, pointing to weakness independent of Greece
- China stock prices are likely to fall another 20%, doubling losses of the past two weeks
- Fed Chair Janet Yellen will not be raising interest rates this year; but if she does the move will be modest, jsut 1/8% to 1/4%
- the big winners in the financial upset this year are anyone who went into cash