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International investor Marc Faber told Insider Monkey that Obama might get re-elected despite all the disappointments in the US economy during his administration. Faber thinks that Obama is one of the worst Presidents the United States could ever had especially after he failing to keep his promise to do the things he said he would do which is mainly change. Because of his policies the economy had gone worse and not better and he even changed the geopolitical situation to a worse.

As an investor Marc Faber expressed his disappointments that business people now have to pay more and more tax to get harassed more and more by the government and have government officials implement more and more regulations. Because of that, businesses are more likely to hire people outside the US and not in the US. This causes even more jobs to disappear from the US. Instead of trying to create prosperity, Obama has only been killing the chance for it.

But even with all the complaints and disappointments, Faber thinks that Obama might get re-elected. He said,

I think he will be reelected because we have some kind of a tyranny of the masses. You have essentially more people getting handouts than large tax payers. And so they are huge voting block. Then you have the unions, also large voting block. And then you have the government officials. They don’t want to have cutbacks in government and be fired. They essentially are paid more than the private sector. So again a large voting block.

When asked if he was also critical with Bush’s tax cuts, Marc Faber said that the tax issue itself was not the issue but it should be accompanied with spending cuts as well. On the contrary, spending went up and the US continues to start more and more wars with other countries.

However gloomy his talk was with Insiders Monkey, Marc Faber did have something positive to say about the United States. He said that the positive thing about all this is that people should not own cash or government bonds but in assets such as real estate, equities, commodities and also precious metals. His advice to novice investors is not to have too a lot of assets in the United States. Faber himself has money in Australia, Singapore, Hong Kong and Switzerland.

Read the whole interview with Insiders Monkey here.

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