Marc Faber, who has long been an entertaining market commentator, stood up to the avalanche of ridicule following his recent letter by stating:

“If stating some historical facts makes me a racist, then I suppose that I am a racist.”

Ok. Let’s see if Mr. Faber has been wrongly accused:

“And thank God white people populated America, and not the blacks. Otherwise, the US would look like Zimbabwe, which it might look like one day anyway, but at least America enjoyed 200 years in the economic and political sun under a white majority.”

I guess you could argue that blatantly racist statements are “facts” to the blatantly racist, but beyond this insane idea simply sits the reality that Faber is both wrong and racist. Unbelievably, Faber continued a defense of his statements with the NY Post:

“If I recall we have freedom of speech and expression.  I am not prepared to compromise this freedom and liberty.”

When asked if he thought African-Americans were inherently less capable of delivering “economic progress,” he replied: “May I suggest you travel extensively through Africa and you will find — hopefully the answer.”

It goes without saying that answering whether or not you are racist with even more raging racism may not be the best way to express contrition.

Faber says U.S. wouldn’t have made as much “progress” if colonized by blacks MW FT
After racist note, Faber resigns from Sprott, Ivanhoe, NovaGold G&M CNBC – DealB