Faber: U.S., Western Europe Will Default on Debt

The U.S. and Western European governments will default on their debt, says Marc Faber, editor of the Gloom Boom & Doom Report.

Asked on CNBC whether he would buy Greek government debt, the investment guru responded, “I’m not interested in sovereign debt, because I think all governments will eventually default, including the U.S.”

He later amended that statement, saying emerging market countries with small debt burdens and large currency reserves are exempt.

“The problem is that emerging market economies today are much sounder in terms of debt-to-GDP ratios than the developed world, including the U.S. and Western Europe,” Faber said. (more)