"Dr. Doom" Marc Faber: The U.S. is moving closer to a full-blown revolution
The United States and other industrialized nations are on track to a "colossal mess" due to their inability to pay down their growing debt burdens, said Marc Faber, author of the Gloom, Boom & Doom report.
In the United States alone, tax breaks are scheduled to expire at the end of this year at the very same time automatic cuts to government spending kick in, a combination known as a fiscal cliff that could send the country into a recession next year if left unchecked by Congress, according to calculations from the nonpartisan Congressional Budget Office.
Congress could strike a deal to avert the country away from disaster next year, but should a deal fail to seriously lower long-term debt burdens and narrow gaping fiscal deficits, disaster will strike.
"History kind of repeats itself. In democracies, you start with good intentions and then power becomes polarized among a few people. And eventually you have either huge changes in a peaceful fashion through reforms or usually through revolutions...