By: Julie Crawshaw
The numbers will rise so fast because the government "massively" understates the country's inflation rate, Faber said.
To get a true reading he advises ditching core inflation numbers, including the Consumer Price Index.
"It's a lie what they publish," Faber told CNBC.
"If you underweigh education costs, and if you underweigh health care costs, then you come to a totally different result," he said.
Since the creation of the Federal Reserve Bank in 1913, the dollar has lost 95 percent of its purchasing power, Faber said.
“It took 100 years to lose 95 percent (but) I think the next 94-percent loss in purchasing power will happen very quickly,” he said.
In such a volatile market, Faber thinks the safest place to invest is in equities or assets, even real estate.
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