Despite the world’s focus being centered on the upcoming Brexit vote, one investor says Europe is becoming “economically irrelevant.”
Marc Faber, editor of the “Gloom, Boom & Doom Report,” joined the FOX Business Network’s Risk & Reward and explained why he believes Europe’s economy is no longer as significant as it once was.
“The future of the world, economically, is in Asia—India, China, Indonesia and the other Southeast Asian and Indo-Chinese countries and emerging economies,” Faber said. “The Western world, relative to emerging economies, is diminishing in terms of importance—also politically and geopolitically.”
Faber also said if the U.K. decided to leave the European Union, it would send a message to the elites and bureaucrats who impose regulations that “stifle economic development.”
“An exit would be good for Britain, and it would not destroy the financial markets, quite on the contrary,” he said. “I think if Britain decided to leave the EU the stock market would rally and the British pound would rally.”