*Famed Swiss investor Marc “Dr. Doom” Faber has sparked outrage after suggesting the U.S. only prospered because it is ruled by white people.

“Thank God white people populated America, not the blacks. Otherwise, the US 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,” the financial analyst wrote in a newsletter in the October edition of his The Gloom, Boom & Doom Report.

“I am not a racist, but the reality — no matter how politically incorrect — needs to be spelled out,” he added

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One Twitter user responded to his statement by reminding him and those who co-sign with his views that …

“It was the whites who engaged in genocide & slavery in the US. Nothing was more immoral than this.”

Faber, who often speaks on CNBC and other financial media, has reportedly been dropped by business news television channels after the race comments. A CNBC spokesperson said the network will not book him in the future.

When reached for comment via email, Faber did not backtrack on his statements to CNBC.

“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,” he told CNBC in an email.

In the newsletter, Faber’s comments address the white supremacist rally and confrontation in Charlottesville, Virginia, where protesters clashed in August over the removal of Confederate symbols.

Faber called the monuments “statues of honourable 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.”