Real estate predictions are based on the growth of crowdfunding sector
Real estate predictions are based on the growth of crowdfunding sector in the market. Jose Martin/Unsplash

Wall Street analyst Marc Faber defended on Tuesday passages from his investor letter that said, “thank God white people populated America, and not the blacks.” He cited freedom of speech and expression.

The 71-year-old Hong Kong-based, Swiss-born financier wrote an e-mail to The Post defending his side after the passages went viral across Wall Street and sparked backlash. He added he was not prepared to compromise freedom and liberty. In emails to Business Insider on Tuesday, Faber said that if stating “some historical facts” make him racist, then he "supposes" that he is racist. "For years, Japanese were condemned because they denied the Nanking massacre,” he said.

“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,” Faber added in the October edition of his "Gloom, Boom & Doom Report.”

Faber, often referred to as Dr Doom, also reportedly said he was aware that people have different values, but argued he was talking about economic progress when he wrote the report, not (white nationalist) values. The commentary was written in a 16-page note regarding what he saw as economic and social problems, including money laundering in India.

In the report, he addressed government regulation and what he sees as looming issues facing the financial future of the United States. The investor and markets commentator stated that too many people were focused on concerns like the removal of Confederate statues.

Businesses and financial networks started distancing themselves from Faber. Some TV networks told Business Insider they were not planning to invite him as guest, with a source familiar with the situation at Bloomberg TV telling the news organisation that the network had not booked Faber since June 2016, and that there are no plans to book him.

CEO of Canadian asset manager Sprott Peter Grosskopf said Faber would resign from the company's board of directors. He said the latter’s recent comments were “deeply disappointing and are completely contradictory with the views of Sprott and its employees.”

In a statement, Grosskopf added that they pride themselves as a diverse organisation and that comments of such sort will not be tolerated. He assured their commitment to providing an inclusive workplace for all employees and extends the same respect to clients and investors.