Cyprus Crisis Could Happen In US

The banking catastrophe in Cyprus could be repeated in the United States and elsewhere, according to Marc Faber, the editor and publisher of the Gloom Boom & Doom Report.

“It can happen anywhere in the world, in Western democracies, because you have more people that vote for a living than people that work for a living,” Faber told CNBC.

Therefore, the wealthy in the United States should “be prepared to lose 20 to 30 percent. I think you’re lucky if you don’t lose your life,” he noted.

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