After every financial crisis there's a sovereign debt crisis, Marc Faber says. Countries that borrowed too much during the boom times start struggling to pay their competitors back, and eventually some of them default.
The countries most likely to blow up this time around are the "PIIGS": Portugal, Ireland, Italy, Greece, and Spain. One or more of them, Faber says, will likely default in the next couple of years. And, that could result in the death of the Euro currency.
Longer-term, Faber says, Japan and the US are in line for the same fate.
Marc Faber says "The US crisis won't hit us this year or next year. But within five to 10 years, the United States will be forced to quietly default on its debt, most likely by printing money and destroying the value of the currency."
in www.minyanville.com
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.
