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

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.

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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.

Comments

junction Tue, 10/17/2017 - 13:08 Permalink

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 oddjob Tue, 10/17/2017 - 13:25 Permalink

 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." http://www.zerohedge.com/news/2017-03-14/i-am-tempted-harbor-deep-resen…

In reply to by oddjob

Gaius Frakkin'… bamawatson Tue, 10/17/2017 - 15:20 Permalink

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.

In reply to by bamawatson

Escrava Isaura Haus-Targaryen Tue, 10/17/2017 - 15:56 Permalink

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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.  

In reply to by Haus-Targaryen

Escrava Isaura Gaius Frakkin'… Tue, 10/17/2017 - 17:02 Permalink

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.    
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In reply to by Gaius Frakkin'…

Gaius Frakkin'… Escrava Isaura Tue, 10/17/2017 - 18:47 Permalink

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.

In reply to by Escrava Isaura

Mr. Ed flaunt Tue, 10/17/2017 - 23:43 Permalink

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!

In reply to by flaunt

Manthong Mr. Ed Wed, 10/18/2017 - 00:31 Permalink

 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. 

In reply to by Mr. Ed

jeff montanye Manthong Wed, 10/18/2017 - 01:47 Permalink

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.

In reply to by Manthong

Manthong jeff montanye Wed, 10/18/2017 - 03:04 Permalink

 
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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.

In reply to by jeff montanye

Escrava Isaura Gaius Frakkin'… Tue, 10/17/2017 - 19:35 Permalink

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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.

In reply to by Gaius Frakkin'…

SmittyinLA Galahad Threepwood Tue, 10/17/2017 - 21:15 Permalink

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.

In reply to by Galahad Threepwood

Escrava Isaura kbohip Tue, 10/17/2017 - 16:48 Permalink

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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.  

In reply to by kbohip