Monday, August 25, 2014

Marc Faber: Africa will never be as successful as China


Africa has no chance to be the new China, not in a million years. You just have to look at how Chinese work, and their work ethics and the work ethics of black people. This is not a racist observation; it's a common sense observation. 

I love Africa. It's the most beautiful continent and the fact that people are easy-going is rather a plus than a negative. 

But I wouldn't want to live in Africa for security reasons. There's a lot of crime and theft and so forth, and number two, wealth that comes from resources usually – there are exceptions – usually does not lead to lasting wealth. 

And the upturn in Africa is largely from the resource price increase.