The dollar, which recently dropped to a 14-month low of 0.67 euro before recently recovering, will ultimately fall to zero, says financial guru Marc Faber.
Faber, publisher of the Gloom Boom & Doom Report, told Bloomberg, “It will go to a value of exactly zero eventually, but not right now.”
The dollar will drift for a while, with occasional rebounds, Faber says.
“The other currencies aren’t much better either. They are also paper currencies. But I think that against gold, it will continue to depreciate.”
And when can we expect the dollar to be worthless?
“Looking at Mr. Obama and his administration, it should already be there,” Faber says.
“But I think it will take roughly 10 years until people really realize that the fiscal position of the U.S. is a complete disaster.”
Faber maintains that in about 10 years, 50 percent of U.S. tax revenue will be used just to cover interest payments on the government debt.
“That is unsustainable,” he says. “Then you really are forced to print money.”
But he thinks stocks will continue to rise as the dollar slumps.
“As soon as the S&P 500 drops toward 900 or 800, (Federal Reserve Chairman Ben Bernanke) will print money again.”
Investment icon Jim Rogers is a big dollar bear too.
“The same things that happened to the pound sterling, 60, 70, 80 years ago, are happening to the dollar,” Rogers told Moneynews.com.
“We’re the biggest debtor nation in the history of the world.”
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