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MARC FABER, EDITOR AND PUBLISHER, "THE GLOOM, BOOM, AND DOOM REPORT":

What has been happening lately is that a lot of stocks have not reacted favorably to actually good numbers. You look at General Motors, it's down 20 percent already. And the auto sales in the US were very good.

I believe that if you look at the world, there are some people who believe that the global economy is healing and will expand at an accelerating pace.

But I can tell you living in Asia and observing especially the Asian economies and emerging markets in general, most emerging economies are either not growing or slowing down very considerably, like China, where for the first time in many years in June, car sales were down, where freight traffic is down.

And you only have to look at industrial commodity prices. They have tumbled. Collapsed. Usually this happens in a period of economic weakness, not strength.

HARLOW: So, what about those, though, that point out, look, you cannot have sort of quarter-on-quarter, year-on-year ten percent growth in China, right? Jamie Dimon talking about it in the JPMorgan conference call the other week, saying do not get too concerned about this. We still saw China's numbers, if you take them at face value, coming in at 7 percent growth.

(LAUGHTER)

FABER: Yes, that is what they're telling you. Do you ever believe what governments are publishing?

(LAUGHTER)

FABER: You have to look at statistics that actually reflect the economic reality and the truth and not believe the Ministry of Truths in the world.

HARLOW: Let's talk about Europe and Greece and the ECB.

(LAUGHTER)

HARLOW: You came out this week and you pointed to what you --

(CROSSTALK)

FABER: You want to change the subject.

HARLOW: Well, I don't want to change the subject, but I do want your take on this, and that is what you call Ponzi finance, in terms of the ECB.

FABER: Yes.

HARLOW: -- and the dealings with Greece. Explain.

FABER: Yes. Well, I think that Greece is in a very difficult position, and basically they have had austerity, their GDP is down more than 25 percent over the last few years. But the debt has continued to expand, partly because of imprudent lenders, you understand?

The private sector would never have lent that kind of money to Greece. But the ECB and the EU and the IMF, they all lent that money. Now Greece cannot pay, this we all know, and the IMF also says so. Greece needs a haircut according to the IMF of about 30 percent in their debts. I would think that minimum 50 percent of Greek debts have to be written off.

So, what happens is, the EU will lend the money so they can repay the IMF and the ECB. It's a complete joke.

HARLOW: So --

FABER: And the austerity that is being imposed on Greece will make matters even worse. Greece will stay in depression.

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