Marc Faber, publisher of the Gloom, Boom & Doom Report, appeared on Bloomberg Television today to discuss the state of the Chinese economy.
Faber told Trish Regan and Matt Miller
“I think that we had a colossal credit bubble in China and that this credit bubble is now being gradually deflated….if I look at export figures from China, and they are very closely correlated to overall economic growth, then there is a huge discrepancy between what China reports and what China’s trading partners are reporting.”
Mr. Faber said, “There’s lots of funny things that are happening in China. And when the whole thing unwinds it will be a disaster.”
source: Bloomberg Television