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Swiss financial adviser sees hard times ahead for world financial market

(Xinhua)
Updated: 2008-10-29 09:41

GENEVA -- The world financial market will stay at low levels for a long time to come, and government injection of capitals into the market will not help, Swiss financial guru Marc Faber said on Tuesday.

"We'll stick at this low point for a long time. Anyone who thinks that everything will soon be rosy again is naive," Faber, known as Dr. Doom for his prophecy of earlier economic crises, told the Swissinfo news website in an interview.

According to the investment adviser, no single catalyst could lead to a new bull market in the world.

He said government injection of huge capitals into the market could not actually save the market. To the contrary, those state measures can cause massive budget deficits.

He added he fully agree with the view that there would be a US state bankruptcy.

"The US government will in future have new debts of at least $1 trillion," he said.

"That's on top of the current state debt of $10 trillion. And that doesn't take into account state programs to stimulate the economy," he added.

According to Faber, the US government will in future have no other choice than to print money, which in the long term will lead to inflation.