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The October issue of the Gloom Boom Doom report was an in depth look at some of the more important economic and social questions of our day, placed in the broader framework of history. We suggest strongly that you read the full Gloom Doom Boom letter which we provide here and then decide for yourself what was really said by Marc Faber.

Conclusion by PT

As readers of this blog know, we are equal opportunity offenders here. We regularly publish articles by people who have no respect for political correctness whatsoever. We only try to make sure that those we publish know what they are talking about. Whether it is Republicans, Democrats, Catholic Popes, EU Commissars, central bankers, or the political leaders of India – no-one is safe. Of course, for allowing no-holds-barred criticism of these poor, powerful authority figures, their courtier intellectuals and in the case of politicians, the people voting for them, we have occasionally been accused of bigotry. Such accusations often strike us as a case of projection.

As mentioned above, we would probably have expressed ourselves differently than Dr. Faber did, but bluntness is part of his style. We admire that he has refused to knuckle under and is sticking to his guns despite the backlash.

The October Gloom, Boom and Doom Report can be downloaded below – context is important and this provides a lot more of it than was available elsewhere: Gloom, Boom and Doom Report, October 2017 (PDF).

Matter of Style

Tenebrarum notes that being blunt is part of Faber's style. It's part of mine, and it's part of Tenebrarum's as well.

The problem I had when I wrote my article is a problem I still have.

If one believes that blacks are inferior, then one is a racist by definition: "A person who shows or feels discrimination or prejudice against people of other races, or who believes that a particular race is superior to another."

What Made the US Great?

In my article, Marc Faber Banned from CNBC and Fox, Ousted from Sprott Board for Racial Comments: Is Faber a Racist, I commented that I cannot and do not condone statements like "Thank God white people populated America."

I added "The US is great because it was founded by an amazing group of free-market capitalists and right-minded educated intellectuals. Race was not a factor." Repeating a block of text from the above article ...

The Constitution's Bill of Rights is what makes the US great. There is nothing else like it in the world. It's a unique constitution put together by a unique set of educated lawyers and other scholars.

The First Amendment grants freedom of speech and freedom of the press.

That's what enables Faber to say what he did. And that's a good thing, whether you agree with him or not! China imprisons or kills people for saying something the state disagrees with. Numerous countries in Europe would fine Faber for such remarks.

The First Amendment prohibits state-sponsored religion. Many Republicans who allegedly want a strict constitution, ought to take a closer look. School prayer does not fit in.

Democrats might wish to consider the Second Amendment.

Everyone should appreciate the right to be secure in their home. That's the Fourth Amendment.

The Sixth Amendment grants a speedy trial.

Race has nothing to do with the brilliance of the US constitution other than the fact it happened to be drafted by whites. One can accurately state that at that time, there were not as many educated blacks as whites, but it was education level (arguably coupled with sheer luck), not race, that made the difference.

Slippery Slope

Some readers pointed out the slippery slope the US is on.

I certainly agree. Look no further than homeland security, civil forfeiture, and collegiate enforcement of politically correct speech to the point of absurdity.

But slippery slope or not, I doubt that any group of people (white, black, red, yellow, or purple) other than the amazing set of individuals who were in the right place at the right time, could have drafted the Constitution of the United States.

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Is Faber a Racist?

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Tenebrarum comments: "Perhaps one should ask his Thai wife if she thinks he hates her or considers her inferior. Or maybe one should ask his mixed-race daughter what she thinks about it. We actually happen to know her personally and although we only met her on one occasion, our educated guess is that her reaction to anyone posing such an absurd question would be to laugh them out of the room."

Political Correctness

In the name of political correctness, ESPN removed Robert Lee from calling Virginia game in Charlottesville due to his name.

Be careful what you name your kids folks, it might offend somebody.

On numerous college campuses across the country, it is impossible to say or do anything without offending someone. Even words like “he” and “she” are offensive.

If you think I am making this up, please consider Cardiff Metropolitan University Bans All “Politically Incorrect” Words: Amusing List of Banned Words.

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And please, try to avoid words like “mother” and “father” unless you can say “mother and father” together. Yes, the article states that.

Gee, is there an order for this? Yes, there is. It better be random. Always saying mother first could get you in trouble. The article did not say but the phrase “ladies and gentlemen” clearly has to go.

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Victim of Political Correctness?

Is Faber a victim of political correctness? Tenebrarum presented that case.

However, Faber made a racially-charged statement when he could have and should have cited education and culture, not race.

Culture and Education

Tenebrarum and many of my readers put a spotlight on culture whereas I noted "free-market capitalists and right-minded educated intellectuals."

Culture and education are interesting points in this regard.

If blacks in the 1700s did not have the navigation skills, the shipbuilding skills, a firm understanding of property rights, and the required spirit of adventure (collectively the necessary educational skills and culture), then it would have been impossible for blacks to found America because they could not or would not have crossed the Atlantic ocean in the first place.

There was no need to "Thank God white people populated America" because anything else was deemed educationally and culturally impossible.

Lost in the debate is the banning by news media of the author of what I believe is the best investment book ever written: Tomorrow's Gold, by Marc Faber.

Mike "Mish" Shedlock