Marc Faber : There will be Pain , very substantial Pain

Marc Faber : "There will be pain and there will be very substantial pain. The question is do we take less pain now through austerity or risk a complete collapse of society in five to 10 years’ time?"
"In the Western world, including Japan, the problem we have is one of too much debt and that debt now will have to be somewhere, somehow repaid or it will slow down economic growth,” stated Faber. “I think we lived beyond our means from 1980 to 2007, and now it’s payback period.” - in CNBC