The bearish market investor and editor of the Gloom, Boom & Doom Report, Marc Faber, came under fire Tuesday after he reportedly made racially charged remarks in his latest newsletter, thanking God that the United States was colonized by white people.
“And thank God white people populated America, and not the blacks. Otherwise, the U.S. 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,” Mr. Faber wrote, CNBC reported.
“I am not a racist, but the reality — no matter how politically incorrect — needs to be spelled out,” he added.
Mr. Faber, who often appears on financial news media like CNBC and Bloomberg, doubled down on his comments in interviews later Tuesday.
“If stating some historical facts makes me a racist, then I suppose that I am a racist,” he told CNBC in an email.
“I am not saying it would be better,” Mr. Faber told MarketWatch. “I am just saying that progress would not have been the same.”
“Europeans brought science to America. They brought technical skills,” he explained. “I am not sure the Africans would have done that.”
CNBC and Fox Business Network said Tuesday that they would no longer book Mr. Faber on any shows, MarketWatch reported.
Responding to the backlash, Sprott CEO Peter Grosskopf announced Tuesday that Mr. Faber had resigned effective immediately as an independent director of the board.
“We were deeply disappointed to hear these remarks.” Mr. Grosskopf told CNBC. “We were shocked to learn he has ever thought this way.”
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