Fear about a possible global recession continues to swirl following the United Kingdom’s decision to exit the European Union.
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Marc Faber, Swiss investor and editor of the ‘Gloom, Boom & Doom Report’, thinks there has been an overreaction to the news.
“The markets are going down because the economic news globally is unfavorable,” Faber told the FOX Business Network’s Connell McShane. “We’re moving into a recession that has nothing to do with Brexit.”
Faber added: “I do not think that it’s as dramatic as the market reaction has been. “It’s just been that the market participants believe that to stay in the EU would be favorable, and to leave would be unfavorable."
The Swiss investor compared the current situation between the U.K. and the EU to Switzerland’s historic fight for its own freedom.
“In the 13th century we fought the Habsburg Empire to be free and not to have foreign justice and foreign laws and not to pay taxes to foreign overlords,” he explained. “This is precisely what the EU does with all the countries. They want to impose courts of justice, taxes, regulations, new laws and most of which inhibit economic growth. This is a victory for freedom and for people, the Brits.”
Faber also said the Brexit will be the “perfect excuse” for global central banks to “coordinate the monetary policies to print even more money.”