Growing wealth inequality means that the wealthy have nowhere to
hide and that events like those in Cyprus will happen in more countries
around the world, including developed nations, said Marc Faber, the
contrarian investor and publisher of the Gloom, Boom & Doom Report.
"It will happen everywhere in the world, in Western democracies," Faber said "Squawk on the Street"
on Tuesday. "You have more people that vote for a living than work for a
living. I think you have to be prepared to lose 20 to 30 percent. 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," he
added. (more)
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