“‘It will happen everywhere in the world, in Western democracies,’ Faber said. ‘I think you have to be prepared to lose 20 to 30%. I think you’re lucky if you don’t lose your life.’  ‘If you look at what happened in Cyprus, basically people with money will lose part of their wealth, either through expropriation or higher taxation.  The problem is that 92% of financial wealth is owned by 5% of the population. The majority of people don’t benefit from a rise in the stock market. They are being hurt by a rising cost of living and we all know that the real incomes of median households has been going down for the last few years,’ he said.”

http://www.cnbc.com/id/100609635

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