Marc «Dr. Doom» Faber: «Nothing Better Than Leaving the EU»

Swiss stock market guru Marc Faber

Swiss stock market guru Marc Faber

He is always contrarian and sometimes controversial, now commenting on Brexit, Thailand based Marc Faber believes a U.K. exit could actually be good for everyone.

On June 23 the British people will take part in a referendum vote on the question of whether they should be in or out of the European Union (EU).

Markets around the world have become jittery as the exit vote has gradually built momentum and now leads in many opinion polls. One poll conducted by ORB on behalf of the British newspaper The Independent, recently showed as much as a 10 point swing in favour of a leave vote.

Financial Centre Threatened

Global banks based in the city of London have all pitched in to support the remain campaign with many saying they will slash hundreds to thousands of jobs in the UK, and some even crafting contingency plans to relocate to mainland Europe.

«I happen to think that a Brexit would be bullish for global economic growth, it would also give other countries incentive to leave the badly organized EU,» Marc Faber told CNBC's Trading Nation.

Faber Sees Domino Effect

Although there are real risks should they choose to go, Faber is of the opinion that Britain could quickly address these and would grow stronger again outside of what he calls, the «Bureaucratic Empire» of the EU.

Also should Great Britain take the step to break-out, this could have a positive domino effect on smaller countries who would grow stronger as independent nations.

To support his thesis, he draws on successful small states outside the EU, such as Norway or Switzerland. «Switzerland is doing much better than any other country in Europe. So maybe Britain would do the same?» said Faber.

Positive In The Long Run

Faber also believes that access to the export markets for a stand alone U.K. could be promptly agreed by fresh bilateral agreements. Faber advises the British to turn their focus to Asia, notably China and India, when it comes to finding fresh export partners.

The stock market guru expects a leave vote would see a period of uncertainty that would lead to a correction in stock markets. But eventually a Brexit would be a positive development for Britain and for Europe at large.

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