The European Union is an "empire that is hugely bureaucratic," warns Marc Faber, telling CNBC that he thinks that "a Brexit would be bullish for global economic growth," because "it would give other countries incentive to leave the badly organized EU." The Gloom, Boom & Doom-er explained that Brexit is a risk Britain should be willing to take, and that it would not be a disaster, "on the contrary, it would be the best thing for Britain that would ever happen!"
As CNBC reports, Faber defended his case by citing Switzerland, which is not a member of the EU nor the European Economic Area, but instead operates in the "single" market. That enables the Swiss to have rights in the U.K., but theoretically allows them to operate independently of both groups.
"Switzerland is doing much better than any other country in Europe. So maybe Britain would do the same?" said Faber.
While the Swiss franc has been relatively flat in the last month, notable highlights for Switzerland include the completion of a $12 billion rail tunnel, the longest in the world.
With expectations that Britain opts to leave the EU, Faber advised that investors should prepare for a market sell-off in the immediate aftermath, but that there will be long-term benefits.
"The establishment has said that if a Brexit occurs, they lose the export market. That's not true. They can make bilateral agreements," he exclaimed.
Faber advised that European nations should turn their focus to Asia, notably China and India, when it comes to finding fresh export partners. With this in mind, he concluded that Brexit would be a positive development for Britain and for Europe at large.
Full interview below:
Rubbing further salt into the wounds of Europe's establishment, outspoken pro-Brexit campaigner Nigel Farage exclaimed that he said he would "destroy the old EU", together with 5-Star leader Beppe Grillo. As Reuters reports,
The European Union will start disintegrating after Italians pick the anti-establishment 5-Star Movement candidate as mayor of Rome on June 19 and Britons vote to leave the EU four days later, the leader of the UK Independence Party was quoted as saying.
UKIP's Nigel Farage told Italy's Corriere della Sera in an interview published on Saturday that British Prime Minister David Cameron should resign even if the 'Remain' camp won by a narrow margin in a June 23 referendum on EU membership.
"We can't lose this referendum ... there will be a Big Bang of British politics: nothing will remain the same," Farage said.
"On June 19 the 5-Star movement elects the mayor of the capital and changes Italy. On June 23 Britain leaves the EU and changes Europe. We will trigger a domino effect. After us, other northern European countries will leave, starting with Denmark," he said. "The EU is about to collapse, disintegrating in several pieces."
Will a Brexit vote be allowed to spoil the party? Perhaps an increasing number of Brits have had enough of 'Project Fear' and are uninterested in what the US president's view on their freedom is...