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Marc Faber, a veteran Wall Street investor, was kicked off of the boards of three different companies after making racist comments in a newsletter suggesting that “the U.S. would look like Zimbabwe” if white people hadn’t settled it.

In a 15-page investor letter called “The Gloom, Boom & Doom Report,” Faber argued against the removal of Confederate statues, saying that the “only crime” the men depicted on those statues were guilty of was defending slavery.

“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,” Faber wrote, going on to say that “African tribal heads were more than happy to sell their own slaves to white, black, and Arab slave dealers.”

Sprott Inc., Novagold Resources Inc. and Ivanhoe Mines Ltd. have all removed Faber from their boards for the comments.

“The recent comments by Dr. Faber are deeply disappointing and are completely contradictory with the views of Sprott and its employees,” Sprott Chief Executive Officer Peter Grosskopf said in a statement announcing Faber’s departure from the board. “We pride ourselves on being a diverse organization and comments of this sort will not be tolerated.”

However, Faber has doubled down on his rhetoric and is not apologizing.

“If stating some historical facts makes me a racist, then I suppose that I am a racist,” Faber wrote in an email to Bloomberg. “For years, Japanese were condemned because they denied the Nanking massacre.”

Faber’s comments deepen the misconception that African nations are not developed, when in fact, they are filled with booming metropolises. Harare, the capital city of Zimbabwe, for example, has landscaped gardens, a national gallery of art, and other cultural centerpieces.