"If you look at the next 10 to 20 years in the West, I don't see how the lifestyle of the average person will improve meaningfully. On the other hand, if you look at a country like Vietnam, they have a GDP per capita annually of $800 which may go to $3,000 over the next 15-20 years.
The same is true for China and India. You suddenly have a middle class of 230 million people in India who will be buying cars like the $2,500 Nano and other goods.
Once a family moves from the bicycle to the motorcycle, it's an improvement in their standard of living. But when you move to the car and drive your children to school in your car, it's a huge increase in your standard of living and your social class.
The Chinese have very little crude oil, natural gas, iron ore and copper of their own. This should support commodity prices because they're not going to stop buying these commodities." in IStockAnalyst
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world. Dr. Doom also trades currencies and commodity futures like Gold and Oil.
