Current economic policies are not sustainable and the world faces doom because «the governments are taking over», said Marc Faber, editor & publisher of The Gloom, Boom & Doom Report.

«They will all bankrupt us and expropriate us, but it may not happen tomorrow. They’ll give us something to play with, until the whole system breaks down…they’ll just print money and print more money,» he said on CNBC Thursday.

«What I object to the current government intervention in so-called ‘solving the crisis’, (is that) they haven’t solved anything. They’ve just postponed it.»

Faber warned that the «ultimate armageddon» would be much worse the next time around, as «governments will go bust», which would lead them to print more money.

He also warned that China’s growth was «completely unsustainable in the long run,» highlighting the red-hot property sector.

Goldman Sachs an ‘Honest Firm’

Faber said the SEC’s charges against Goldman Sachs were merely an excuse to print more money. Read the rest of this entry »