Marc Faber has come under fire lately for the remarks that he made in this month’s Gloom, Boom & Doom Report. If you are not familiar with Marc Faber, he is a financial advisor who has become quite a legend for calling out the flaws in the global financial system. He is known for coming on CNBC and other mainstream financial shows and vehemently accusing the central banks of manipulating the economy. He got such a reputation for being a contrarian that he was labeled “Dr. Doom” by the financial press.

To get a taste of what he’s about you can watch this clip of him on CNBC back in 2011 saying that the solution to fixing the economy is to “fire half the government, including the president.” He also says that he is no fan of the tea-party because they are “too intolerant.”

As you can probably tell, he gained his popularity precisely for being some who speaks his mind, whether politically correct or not. As alarming as his opinions might be, he has been tolerated in mainstream circles until what has been interpreted as being racist remarks in his latest newsletter. Here is the entire paragraph under question:

“My point (and I have written about this before) is that most people want more, not less, government. Naively, people believe that governments can solve their problems when, in fact, most of their problems have been caused by government interventions.  (The liberal media has successfully brainwashed the public into accepting Keynesian and political interventions as desirable.) Therefore, de Blasio has a point when he says that he hears about socialistic impulses every day, in every kind of community. Today’s politically correct society prefers to waste its time with tearing down important historical monuments that are a reminder of our history, even if it was not always glorious. (George Orwell: “The most effective way to destroy people is to deny and obliterate their own understanding of their history.”) Important issues, such as how we are going to resolve the problem of excessive debts and enormous unfunded pension fund liabilities, etc., are ignored or neglected. Westerners prefer nowadays “not to give to society but for society to give to them”, and they ardently wish for freedom from any responsibility (Edward Gibbon). I don’t want to enter into a serious discussion about 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 honorable 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.)”

These remarks caused him to be dropped from five advisory boards. To which he responded:

“If saying what I said leads to these consequences I prefer not to be on these boards … I think the corporate world is now run by compliance people. In this context I understand their firing me.” – Globe and mail

He then followed up by saying:

“If stating some historical facts makes me a racist, then I suppose that I am a racist.” – Business Insider

Frankly, it’s not shocking to me that an outspoken, wealthy, 71 year old, Swiss man who has lived in Thailand for decades would say things that would be considered offensive to a western audience. Not because he’s actually a racist, but because he doesn’t know or care that certain subjects are considered off limits for discussion.

Whatever you think about his remarks, the entire Gloom, Boom & Doom Report has been purposefully leaked to show the context of the article. At least we can enjoy a free newsletter this month. Access the October Gloom, Boom & Doom Report here.