A Swiss investment adviser often referred to as “Dr. Doom” wrote in his monthly report that it’s good white people — and not black people — settled in America.
“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,” Marc Faber wrote in the October edition of his “Gloom, Boom & Doom Report.”
The passage — which is part of a broader piece denouncing socialism that also features critique of New York City Mayor de Blasio — is dated Oct. 3, but his racist commentary has only started to gain attention recently, CNN Money reported.
Elaborating on his comments, Faber told MarketWatch that “progress would not have been the same” if the United States was colonized by black people.
“Europeans brought science to America,” he said. “They brought technical skills … I am not sure the Africans would have done that.”
Following the comments, Faber resigned from the board of Sprott — a Canadian asset management firm — at the request of his fellow directors. CEO Peter Grosskopf called the comments “deeply disappointing.”
“We pride ourselves in being a diverse organization and comments of this sort will not be tolerated.”
Ivanhoe Mines, a mineral exploration company, also said it accepted Faber’s resignation from the board. Television networks have similarly begun distancing themselves from the business-television commentator, who is well known for his market pessimism, CNN Money reported.
Faber told MarketWatch he expects to be booted from several other boards in light of his controversial statements.
Still, he’s stood by his comments in light of the backlash.
“If stating some historical facts makes me a racist, then I suppose I am a racist,” Faber said in an email to CNN. “For years, the Japanese were condemned because they denied the Nanking massacre.”
