"We went into this crisis with an unprecedented debt level and if you compare for instance with the Depression years...in the Depression years we did not have credit cards, and we did not have unfunded liabilities for Social Security, Medicare and Medicaid. These are all debts that will come due, that have to be payed by the Government. And eventually this will lead to sharply rising interest rates. In 10 years time I would estimate that between 30 and 50% of tax revenues will be spent on the interest payments of the government debt. And that will prove to be a huge trouble."
in CNBC
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.
