Ultra bearish- It will come to war
Speaking to CNBC on Tuesday, Faber said there is a case for being "ultra bearish about everything".
Explaining his stance, he said: "I see that 10 years ago, a huge shift in economic power began from the Western World - the US and Western Europe- to Asia and emerging economies."
"This shift in the balance of economic power to emerging economies is accompanied by a shift in the political and military power, and that..., the West will not just sit and do nothing about it."
"The Libya expedition is the first shot," he argued.
"I think the West would want to control China by controlling the oil supplies from the Middle East, and then it will come to war," he predicted.
In war time the one thing you don't want to own is government bonds, he said. "I would prepare for the worst. In a worst case scenario investors are better off in precious metals," he stressed.
Gold price is low
The Gold price is cheaper today than 10 years ago, although in nominal terms it is up 4-5 times, Faber argued.
"But compared with the monetary base, compared to government debt, compared to the increase of wealth in the world, and compared to the increase in international reserves, the gold price today is low."
Comment: There is no efficient way to prepare for a calamity of these proportions. The best to do now is having some fun and enjoyment. How about openign a nice bottle of claret?