“When asked what is the catalyst for the crash he expects in US equity markets (following crashes in various markets around the world), he shocks a stunned anchor looking at equity markets near all-time highs with some ugly truths – ‘interest rates are no longer a tail-wind, earnings growth is not there, and emerging economies are collapsing (so no global growth).’ However, with asset allocators ‘swimming in the pool of liquidity’ it is hard to say ‘when’ it will occur especially as money floods out of EM markets. Critically though, it is Syria (and the spillover) that has Faber most concerned; as he concludes that Western governments ‘meddling’ is ‘going to be a disaster.'”
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