Marc Faber recently called into a Slovak radio show. He talked about the United States, Europe, and Asia.

The financial situation of the US has deteriorated. Real income is down, and the debt levels and unfunded liabilities are at record highs.

Economies misjudge what credit is used for. Is it used for research, development, and manufacturing, or for consumption?

Some markets in Europe are at or below their 2009 lows. You may be able to find some value in equities in places like Spain and Portugal.