The US stock market could “easily” drop 20-40%, said Marc Faber. Recently, there were “more declining than advancing stocks, and the list of 12-month new lows was very high on Friday. It shows you a lot of stocks are already declining.”
He thinks US stocks are on the “high side,” sees “no growth” from Asian economies, and considers the eurozone expansion “anemic.” He called the situation in Greece “basically Ponzi finance” doomed to fail.
He also cited recent commodity price weakness. “Supplies haven’t gone up that much, and do not reflect the price weakness. The price weakness is because of weak demand. Maybe this is the signal that there are strong deflationary forces despite all the money printing by central banks.”
— Excerpt contributed by Jason Kelly
Z-val definition and more forecasts in The Z-val Zone.
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