A well-known investor resigned from the board of a global asset management firm Tuesday after he claimed it was a good thing white people, not black people, settled in America.

Swiss investor Marc Faber, the creator of the Gloom, Boom and Doom report, stepped down as a director of Sprott Inc. after being asked by the company’s management and board of directors, the company said in a statement.

“The recent comments by Dr. Faber are deeply disappointing and are completely contradictory with the views of Sprott and its employees,” said Peter Grosskopf, CEO of Sprott. “We pride ourselves on being a diverse organization and comments of this sort will not be tolerated. We are committed to providing an inclusive workplace for all of our employees and we extend the same respect to our clients and investors.”

Faber made a series of racially charged remarks in his 15-page newsletter The Gloom, Boom & Doom Report for October. Faber defended Confederate statues, arguing against taking them down because the men they honored were only trying to defend slavery. Faber also said that it was good that white people, instead of black people, settled in America.

“And thank God white people populated America and 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. I am not a racist, but the reality — no matter how politically incorrect — needs to be spelled out as well. (And let’s not forget that the African tribal heads were more than happy to sell their own slaves to white, black and Arab slave dealers.),” Faber wrote in the newsletter.

Faber defended his comments, saying that he was only stating facts on the matter.

“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,” Faber said.

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