Marc Faber has long predicted that a collapse in U.S. stocks is coming. On Thursday he reiterated that call, saying there is fresh evidence that a bear market is ahead—courtesy of the Golden Arches.
On Tuesday, McDonald’s reported that global same-store sales in August fell 3.7 percent in August, well short of expectations. The worst drop occurred in the Asia-Pacific region on the back of a Chinese meat safety scandal, but even U.S. sales slid 2.8 percent.
For Faber, those results are a perfect example of the damage being done by central banks—and the harbinger of more bad news to come.