Faber drew criticism on October 17, 2017, for racist remarks made in his investment newsletter. In the October edition of Faber's Gloom, Doom and Boom Report, he criticized "liberal hypocrites" and ongoing efforts to tear down "monuments of historic personalities." He opined that the U.S. grew successful because white people held power. "Thank God white people populated America, and not the blacks," Faber wrote, according to an excerpt of the newsletter quoted by Business Insider. "Otherwise, the U.S. would look like Zimbabwe, which it might look like one day anyway, but at least America enjoyed 200 years in the economic and political sun under a white majority. I am not a racist, but the reality – no matter how politically incorrect – needs to be spelled out as well." He further defended statues of prominent personalities from Confederate States of America, calling them "honorable people whose only crime was to defend what all societies had done for more than 5,000 years: keep a part of the population enslaved." Faber defended his comments in a subsequent statement to Business Insider, adding that he is "naturally standing by this comment since this is an indisputable fact". Faber also said: "If stating some historical facts makes me a racist, then I suppose that I am a racist. For years, Japanese were condemned because they denied the Nanking massacre".
