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MarketWatch reports Wall Street’s Faber says U.S. wouldn’t have made as much ‘progress’ if colonized by blacks.

Swiss investor Marc Faber has doubled down on racially charged remarks he made in an October newsletter, suggesting that the U.S. would be in a qualitatively different state if it had been colonized by black people instead of whites.“I am not saying it would be better,” Faber told MarketWatch in an interview on Tuesday. “I am just saying that progress would not have been the same.”

Asked why “progress” would be worse, Faber had this to say: “Europeans brought science to America. They brought technical skills.…I am not sure the Africans would have done that.”

Faber’s remarks to MarketWatch came after the prominent investor early Tuesday sparked a backlash from Wall Street and its participants related to similar statements that surfaced in his popular newsletter The Gloom, Boom & Doom Report, dated Oct. 3.

In the newsletter, he wrote: “And 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 white majority.”

A frequent commentator on CNBC, Bloomberg and on this website, Faber said he expected to face repercussions from his remarks, saying that if “stating some historical facts makes me a racist, then I suppose that I am a racist,” reiterating statements he offered to other news outlets via email.

CNBC and Fox Business Network said Tuesday that they will no longer book him on their shows.Sprott released this statement, attributed to CEO Peter Grosskopf: “The recent comments by Dr. Faber are deeply disappointing and are completely contradictory with the views of Sprott and its employees.”

Faber said he was more concerned with the state of free speech in the world—and, in particular, in America. “If you have to live in a society where you cannot express your views and your views are immediately condemned without further analysis and analysis of the context in which [they’re written]—if you can’t live with that, then it is a sad state of where freedom of the press and freedom of expression have come.”

Faber told MarketWatch that “Africans will always use the excuse of [oppression] to explain where they are economically, saying that it is ‘all the fault of the colonists.’ ”“They would be much better,” he continued, “under a system of Western colonialism.”

Amazingly Insensitive and Inaccurate

I cannot and do not condone statements like "Thank God white people populated America."

Faber's statements were amazingly insensitive at best, racist at worst. Judgement is in the eyes of the beholder. He was given a chance to clarify his statements. Instead, he doubled down and it will cost him dearly. Retribution was swift.

I ban people from my website for making racial comments.

Second Chance

When given a second chance MarketWatch interview, I propose Marc Faber should have replied along these lines:

"I apologize for my inaccurate and insensitive statements. 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."

What Made the US Great?

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.

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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.

I doubt that any group of people (white, black, red, yellow, or purple) other than that amazing set of individuals who just happened to be in the right place at the right time could have drafted the Constitution of the United States.

The Bill of Rights is what made America great, not poltical demagogues demanding school prayer while supporting drone policy that allows the US to drop white phosphorous bombs and target individuals with zero regards for "collateral damage".

Interestingly, this subject came up just the other day, in regards to China. Saxo Bank CIO and Chief economist Steen Jakobsen declared a paradigm shift is underway and "King Dollar is Dead".

I agree with the paradigm shift theory and usually agree with Jakobsen in general. However, I disagree with Jakobsen on King Dollar. This was my rationale:

Why Dollar is King

  • The dollar is king because the US has open capital markets, property rights, and the world's biggest bond markets.
  • The US also has a Bill of Rights granting freedom of speech and protection from unwarranted searches. China imprisons people for speaking their mind.
  • China is a long way from competing with the US on those important issues. In addition, China repeatedly resorts to capital controls to stop monetary flight.

China will not supplant the US for at least two decades and may not ever.

For further discussion, please see King Dollar is Dead? Biggest Paradigm Shift in 100 Years: China and Electric Cars at Forefront.

After clicking on the above link, do yourself a second favor and go read the Bill of Rights.

Mike "Mish" Shedlock