Next year a wave of bankruptcies in the world economy

Marc Faber being interviewed in CNBC. Mr. Faber predicts next year's global economy to be in worse shape than this year.

Mr. Faber also says that many asset markets are oversold, so a rally could be expected, especially in commodities. Although equities could rally, they will will not rise in real terms.

He also makes an awesome point about stocks being in a secular bear market (the last bull rally lasted since 1982 to 2000) However, commodities are in a secular bull market since 1998-2000, so this correction in commodities is akin to the stock market crash of 1987 (in other words, commodities although in a secular bull market, have experienced a downturn)

He recommends shorting US gov't bond and buying corporate bonds (very oversold) Marc is also bearish on the Chinese economy in the short term.
Part I

Part II