Dr. Marc Faber also known as Dr Doom is an investment adviser, investment analyst and fund manager author and publisher of the Gloom Boom & Doom Report ,and the author of "Tomorrows Gold" . Dr Faber is known for his contrarian investment approach. Dr Marc Faber is associated with a variety of funds and is a member of the Board of Directors of numerous companies.
In 1987 he warned his clients to cash out before Black Monday on Wall Street. He made them handsome profits by forecasting the burst in the Japanese Bubble in 1990. He correctly predicted the collapse in US gaming stocks in 1993; and he foresaw the Asia-Pacific financial crisis of 1997/98 and the resulting global volatility. Dr Doom motto is "Follow the course opposite to custom and you will almost be right"
Mr. Faber is also the author of several books, including Tomorrow’s Gold – Asia’s Age of Discovery, and is a director of Ivanhoe Mines Ltd. , a mining firm focused on the Asia Pacific region. He is also an adviser to a number of private investment funds.
For his predictions check the videos on his website.
What is happening in China right now?
China's central bank raised reserve ratios for banks over the weekend. The current level is 16.5 percent for the biggest banks and 14.5 percent for smaller ones. The new requirement will increase bank reserves by another half percent. This raised some investor concerns about monetary tightening, but officials were quick to respond, saying that "moderately easy" policies would continue.
Chinese officials are working continually to prevent bubbles and overcapacity problems. A host of measures has been rolled out to quell property speculation and prevent a potential property bubble from bursting. The reserve rate rise, a safety measure and a liquidity reducer, is the third banks have faced this year.
China's banks appear to be in good health. ICBC, the country's biggest lender, reports that its net income climbed 18 percent to $6.1 billion for the first three months of 2010. China's Construction Bank recorded a 34 percent increase to $5.1 billion during the first quarter. Although non-performing loans are not currently a large problem, raising the reserve ratio will further increase the banks' ability to withstand shocks.
With this in mind not every country is on the verge of collapse.