SWISS-BORN and Thailand-based United States investment strategist Marc Faber, who is well known for his market pessimism and often referred to as “Dr Doom”, has attracted scorn worldwide after a racist rant in which he mocked Zimbabwe.
BY RICHARD CHIDZA/AGENCIES
Faber, also known for his articles in the Gloom, Boom & Doom Report newsletter, in the October edition claimed the US would have been like Zimbabwe had it not been colonised.
“Thank God white people populated America, and not the blacks. Otherwise, the US would look like Zimbabwe, which it might look like one day anyway, but at least America enjoyed 200 years in the economic and political sun under a white majority,” Faber reportedly wrote.
President Robert Mugabe has been accused of running aground a promising economy, but the veteran former guerilla leader has hit back accusing the West in particular of undermining his rule through targeted sanctions and outright economic sabotage. Mugabe has also argued that racism is at the centre of constrained development in Third World countries especially in Africa with former imperial powers eyeing plunder of resources and fomenting a regime change agenda.
Information minister Simon Khaya Moyo was not immediately available for comment.
Amid global condemnation including removal from several company and organisational boards that he sat in, Faber has stuck to his guns arguing he is not a racist but wants to highlight “the reality — no matter how politically incorrect.”
The passage in question is part of a broader section that denounces socialism in which Faber wrote that socialist tendencies are common in modern communities, and decries efforts to tear down “important historical monuments that are a reminder of our history, even if it was not always glorious.”
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Faber has since resigned from the board of Sprott, a Canadian asset management firm, at the request of the other directors.
Novagold Resources, a precious metals company, also announced that Faber had resigned from its board on Tuesday evening. So did Ivanhoe Mines, a mineral exploration company.
