Tags: marc faber | resign | racist | note | sprott

Marc Faber Will Be Asked to Leave Sprott Board After Racist Note

Image: Marc Faber Will Be Asked to Leave Sprott Board After Racist Note
(Marc Faber.com)

Tuesday, 17 October 2017 02:08 PM

Veteran investor Marc Faber will be asked to leave the board of money manager Sprott Inc. after he claimed in his newsletter this month that “the U.S. would look like Zimbabwe” if it had been settled by black people instead of whites.

“We are a global organization with a racially inclusive employee, client and investment base. Our policies in that regard are crystal clear,” Sprott Chief Executive Officer Peter Grosskopf said in a phone interview. “We will be taking immediate steps to distance ourselves from Mr. Faber and request his resignation from our board."

In a 15-page edition of his investor letter, "The Gloom, Boom & Doom Report," Faber argued against the removal of confederate statues, saying the “only crime” of the men those monuments honored was to defend slavery and that the controversy distracts from more important debates. In between quotes from George Orwell and historian Edward Gibbon and his opinions on universal basic income, he wrote the following:

"I don't want to enter into a serious discussion of the tearing down of monuments of historical personalities, but I cannot omit mentioning how the liberal hypocrites condemned the Taliban when they blew up the world's two largest standing Buddhas (one of them 165 feet high), situated at the foot of the Hindu Kush mountains of central Afghanistan, in 2001. But the very same people are now disturbed by statues of honourable people whose only crime was to defend what all societies had done for more than 5,000 years: keep a part of the population enslaved. And thank God white people populated America, and not the blacks. Otherwise, the US would look like Zimbabwe, which it might look like one day anyway, but at least America enjoyed 200 years in the economic and political sun under a white majority. I am not a racist, but the reality — no matter how politically incorrect — needs to be spelled out as well. (And let's not forget that the African tribal heads were more than happy to sell their own slaves to white, black, and Arab slave dealers.)"

Nationalist movements and racist sentiments are gaining traction around the world. After white supremacists marched with torches on the streets of Virginia and were met by protesters, U.S. President Donald Trump said there were "very fine people on both sides." Faber, who was a managing director at Drexel Burnham Lambert until 1990 and has been a frequent commentator on markets for decades, is known for bearish and what he calls contrarian views.

Sprott, based in Toronto, focuses on precious metals. Faber is also on the board of Ivanhoe Mines Ltd., which unearthed Congo’s largest copper deposit last year. Robert Friedland, Ivanhoe’s chairman and co-founder, said by email that he didn’t want to comment because he hadn’t read Faber’s report. Novagold Resources Inc., another company where Faber is a board member, didn’t immediately respond to a request for comment.

“If stating some historical facts makes me a racist, then I suppose that I am a racist,” Faber wrote in an email to Bloomberg. “For years, Japanese were condemned because they denied the Nanking massacre.”

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Veteran investor Marc Faber will be asked to leave the board of money manager Sprott Inc. after he claimed in his newsletter this month that "the U.S. would look like Zimbabwe" if it had been settled by black people instead of whites."
marc faber, resign, racist, note, sprott
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2017-08-17
Tuesday, 17 October 2017 02:08 PM
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