Marc Faber Racist Diatribe Costs Him CNBC, Fox Slots; Sprott Board Seat

Tyler Durden's picture

Update: as previewed earlier, Sprott announced that at the request of the Board of Directors and Sprott management, Marc Faber has resigned as a director of the Company effective immediately.

“The recent comments by Dr. Faber are deeply disappointing and are completely contradictory with the views of Sprott and its employees,” said Peter Grosskopf, CEO of Sprott. “We pride ourselves on being a diverse organization and comments and behavior of this sort will neither be condoned nor tolerated. We are committed to providing an inclusive workplace for all of our employees and we extend the same respect to our clients and investors.”

Separately, both CNBC and Fox Business Network, cable channels where he had appeared in the past, said they won't invite him on in the future.

* * *

Marc "Dr. Doom" Faber is in trouble, only this time it's not for yet another doomsday forecast which hasn't come true, but for launching into a racially charged diatribe telling subscribers to his newsletter that he was glad that “white people populated America, and not the blacks.”

The eccentric veteran investor and former Drexel director, who predicted the 1987 stock market crash and has been a fixture on financial television, claimed in his October 3 monthly newsletter that “the U.S. would look like Zimbabwe” if the country had been settled by black people instead of whites. In the latest edition of his 15-page 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, according to Bloomberg. There, inbetween quotes from George Orwell and historian Edward Gibbon and his opinions on universal basic income, Faber wrote the following:

"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."

He then added that "I am not a racist, but the reality — no matter how politically incorrect — needs to be spelled out."

Source: @Beardedmiguel

In the newsletter, Faber's comments also address the confrontation in Charlottesville, Virginia, where violence sparked a national debate over race and monuments that honor prominent Confederate figures that Faber decided to weigh in on. Faber called the monuments "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."

Asked for a comment by the WSJ Faber responded in an e-mail: “I am naturally standing by this comment since this is an undisbutable (SIC) fact.”

Reached for comment by CNBC, Faber similarly did not back away from his statements: "If stating some historical facts makes me a racist, then I suppose that I am a racist. For years, Japanese were condemned because they denied the Nanking massacre." In addition to the brief statement, he sent a link to a USA Today story titled, "Banned in Biloxi, 'To Kill a Mockingbird' raises old censorship debate," focusing on the Harper Lee classic.

His comments drew an immediate reaction, and as Bloomberg reports, Sprott CEO Peter Grosskopf said will ask the board to demand the immediate resignation of Marc Faber, who is a director on Sprott's board. Grosskopf added that he had already spoken to the company chairman about Marc Faber.

Grosskopf also said that the company is “deeply disappointed” and shocked by Faber’s comments.

“We take pride in the fact that we are a global organization with a racially inclusive employee, client and investment base. Our policies in that regard are crystal clear and well known. As such these comments and thinking are completely unacceptable and we will be taking immediate steps to distance ourselves from Mr. Faber and request his resignation from our board."

According to the WSJ, the comments sparked a broad backlash from investors and market commentators Tuesday. CNBC and Fox Business Network, cable channels where he had appeared in the past, said Tuesday they don’t intend to book him in the future.

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junction's picture

Oh, can it.  Let the old guy talk.  Free speech and all that.  Unlike Hillary Clinton, you can't link Marc Faber to a caravan of dead bodies. 

hedgeless_horseman's picture


Grosskopf also said that the company is “deeply disappointed” and shocked by Faber’s comments.


Races are different. 

It is called diversity.

Chuck Norris's picture

Intersting observation Marc.  But is the African continent a pit of despair because of the black people?  Or because of European and U.S. imperialism?

flaunt's picture

Because of blacks.  We import them into the West and they almost immediately create mini-3rd world African-like hellholes.  Case closed.

hedgeless_horseman's picture


Blacks dominate sprint events in track and field.

Japanese have high IQs.

Are these facts racist?


Never confuse an is for an ought, or an ought for an is.

CheapBastard's picture

Marc does not understand what Obama said: "Diversity is our strength."


VIDEO: 40 to 60 black teens swarm Oakland BART train, rob passengers

hedgeless_horseman's picture


Because I support free speech, I will never do business with Sprott.

I don't need them...

oddjob's picture

But will you sell all your Gold stocks of which he is the major shareholder?

hedgeless_horseman's picture


I don't own any gold stocks.

If you read the last paragraph in the photo of the article, it appears to me that Marc is just trying to say what I have said here...

However, if my head is clear, I will sometimes hear the voice of Murry Rothbard.   He reminds me that by doing for these people what they could and should be doing for themselves, our government is intentionally preventing these, "descendants of slaves," from ever being truly free.  As Lyndon Johnson supposedly said, "I'll have those niggers voting Democratic for 200 years."

BennyBoy's picture


"Otherwise, the US would look like Zimbabwe, which it might look like one day anyway,"

The uber whites in Germany had hyperinflation in the Weimar Republic. No blacks to blame for that.


DownWithYogaPants's picture

Not happy with facts or truth eh?

You are no scientist sir.  You practice a most pernicious form of existance.  That of the lie.  

Facts are facts.  Especially empiric ones like the state of Africa.

bonin006's picture

Like Goolag has demonstrated, facts will not be tolerated.

American Psycho's picture

Am I the only one who read his newletter excerpt in a Swiss accent?

Haus-Targaryen's picture

And the next chapter begins to unfold. 

Good for Faber for not apologizing. I am terminating my relationship with Sprott tomorrow. Fuck them.

Keep speaking truth everyone. 

You can choose to ignore reality, but you cannot choose to ignore the consequences of ignoring reality. 

bamawatson's picture

losing his job made him so made he commenced ambushing them

Late Breaking News!

News Alert: US launches investigation into deadly Niger ambush

Gaius Frakkin' Baltar's picture

Well... where's an actual counterargument?

Sorry, but shutting people out of public discourse isn't one.

But it will piss them off and make them more determined.

My 1 and 3 year old kids aren't going to be blamed for the plight of 1 billion fucking niggers. It's just not going to fucking happen. And I will keep any White privilege I have and pass it on to them.

Escrava Isaura's picture

Mark Faber is sort of right for the wrong reasons.

Africans are an agrarian society. Whites are industrialists.

An agrarian society (or agricultural society) is a society whose economy is based on producing and maintaining crops and farmland. An agrarian society will never grow to too much. These are not worry about high education. Build airplanes and cars. They don’t even care about these things. They care about family and community. They live with the bare minimum.

Industrialists are the opposite. Industrialism is a cut throat society. Nothing is ever enough.  

Industrialism is a complex product. And has a short lifespan.

Agrarian society is a simple product. Intensive labor but long lifespan. Of course, an agrarian society could never feed 7 billion people. An industrialist society can, and it does. However, an industrial society is not sustainable.

So, Africans are not going to destroy humanity. The industrialists will.


Gaius Frakkin' Baltar's picture

Good for them. They can stay in Africa and breed like rabbits then.

And the niggers that are here in the US can go back.

They're no longer our fucking problem. They can be the kangz of the continent if they want. Free of White industralist oppression.

Escrava Isaura's picture

The core of the problem is not race.

The core problem for humanity is that some of our species developed the high mental faculty (high IQ). A specie to survive doesn’t develop intelligence. It develops adaptation.

The best a human could do is not to foresee. Once you develop the ability to foresee, the high mental faculty species will try to develop better outcomes. These ‘better’ will lead to unsustainable outcomes that will lead to chaos.

My point is: The high IQ will overwhelm the system that they will be dropped out of the system faster that the other species that are adaptors. But, because these IQ specie developed the nuclear power plants and weapons, it looks like that this high IQ specie will take all the other species with as they are dropped out of our “evolutionary’ system.  



Gaius Frakkin' Baltar's picture

That's an interesting hypothesis, but human evolution has been selecting higher intelligence for some time.

Mean IQ does vary among populations. It is correlated with race.

Also, the distinction between race, sub species, or separate species is subjective.

I'm not advocating the extermination of another race. I do demand land, resources, and identity for my own. I do not accept other races as a burden I must put above my own.

Mr. Ed's picture

All but a few who comment here are making the same mistake that Marc Faber made: PRIORITIZING THE IMPORTANCE OF TRUTH OVER POLITICAL CORRECTNESS

I think it would help if we all got real clear on just what that means and own it!

I want to hear CNBC state ON AIR that "no discussion of truth (that is politically incorrect) or the pursuit of it will be tolerated in this country BECAUSE TRUTH IS UNIMPORTANT"

I wanna hear 'em come out and say it ON AIR!

Manthong's picture


The good old fart with the thick accent can go retire comfortably in SE Asia now.

His wisdom is 25% in stocks, 25% in real estate, 25% in PMs and 25% in cash….DUH

He does not know squat about Jr. mines where Sprott is focusing on now.

It is speculation, if that is what you are in for.


jeff montanye's picture

perhaps this is off the mark but just say that if the americas had been settled by african blacks, after all they were closer, though the winds perhaps not as favorable, wouldn't those blacks be utterly different from the blacks taken to america on slave ships?  wouldn't these blacks be explorers, possibly merchants, pirates, captains of men rather than captives of men?  (not sure what the "indian" interaction would have been, probably much the same as with the whites)

might have been a far different story from that implied by the zimbabwean (rhodesian) example where the blacks were the stay at homes and the whites the conquerors.

Manthong's picture


Well. F me with the racism…

Most sub-80 IQ aboriginal African negroes were captured by plus-80 black African slave traders, castrated and marched off to the Arabs… millions of them…. The lucky ones were crated off to the Americas to pick cotton, have families and get gospel’d up.

HenryKissingerZuckerberg's picture

maybe he had to see some rapefugees walking the streets in Switzerland , and got a bit angry about the Kalergi plan...

Dindu Nuffins's picture

The reality is that Africans couldn't even colonize Madagascar right next to Africa. Claiming they'd land in America before an island right next to them is looney. They're retards, literally, and cannot function on that level of skill.

Escrava Isaura's picture

It doesn’t work like that. A good example is Venezuela. Venezuelans demand that their oil profits stays in Venezuela. And you know how this is playing out. They are getting crushed.

Anyway, your post reminds me of a Polish movie that went something like this:

Jewish woman: Why did you kill my brother, the doctors, the teachers, ……

The Christian peasant/farmer: Because we were left with nothing while they took everything.  That’s why we killed them.

Galahad Threepwood's picture

Jewish woman: Why did you kill my brother, the doctors, the teachers, ……

The Christian peasant/farmer: Because we were left with nothing while they took everything.  That’s why we killed them.

More likely because of usury and child sacrifices


Tippoo Sultan's picture

These days, all Venezuelans demand is toilet paper.

Viva la Revolucion !

pynky01's picture

The pigs get fatter and the hogs get slaughtered... 

BlackChicken's picture

Every time I read your comments I mentally vomit.

Go write Hillary a love letter telling her you will nueter yourself to become her lesbian lover. You two would make a great couple.

Galahad Threepwood's picture

That's an interesting hypothesis, but human evolution has been selecting higher intelligence for some time.

True - until social security came along.  Now it selects for low IQ 


SmittyinLA's picture

Actually humans with higher IQs have been "deselected" and killed off for eons through warfare, they don't call it "selective service" for no reason.

Every mass American male "kill off" was immediately preceded or followed with mass 3rd world low IQ immigration.You can plot the IQ drop on a graph, and inversely the debt rises.

Rule #1 of human husbandry, never let the livestock get smarter than you are, kill off your own herd if necessary.

ali-ali-al-qomfri's picture

"To Serve Mankind"

    it's a cookbook.

Cheers Smitty


HenryKissingerZuckerberg's picture

True - until social security came along.

and "progresive" taxes

unsafe-space-time's picture

Be careful that the next negroid evolutionary spurt doesn't create a new subspecies of predatory homosexual rapist zombies. Most are bi anyway. The death and disease would wipe out humanity. You either improve or degenerate. 

BeanusCountus's picture

High IQ is not a problem. And in fact it is a part of adaption. Including recognizing that a simple examination of history shows that different cultures have had problems co-existing (few have worked, if any). And in the end, my money is on the higher IQ folks as the survivors.

Abbie Normal's picture

So if the high IQ survive, then the system will be overwhelmed and everybody will die.

But if the high IQ die, then the system will not be overwhelmed and everybody else will survive.

Interesting dilemma....

11b40's picture

Simply false from today's reality.

garypaul's picture

So, it's better to keep your head up your ass?

Richard Chesler's picture

If by agragarian society you mean lazy thieves then yes.

kbohip's picture

Africans are an agriculturalist society?  Is that why they are always starving then?  I forget.

Escrava Isaura's picture

Exactly. If humanity is to survive, it needs to find a balance.

Maybe Africa can only sustain 300 thousand people.

Each system will find its own balance.


NoPension's picture

If we stop sending food, 300,000 sounds about right.

5 million of these stupid motherfucking missing link over breeders will starve. sir or madam...are a complete idiot.

. . . _ _ _ . . .'s picture

USA has killed 20-30 million since WW2 in 37 countries.
USA has invaded 70 countries since 1776.
If stating those facts make me anti-American, so be it, but it doesn't prevent me from having several American friends, most of whom are white.
(This line of reasoning goes both ways.)

HenryKissingerZuckerberg's picture

I preffer the terms colectivists and DEMOCIDE