Marc Faber on derivatives going to zero:
"I'm convinced that one day the whole derivatives market will cease to exist. Will become ZERO. When it happens, I don't know, but you can postpone the problems with monetary measures for a long time, but you can't solve them. If there is war in the world, do you think that derivatives will be settled? Of course not. Greece should have defaulted, then it would have sent a message that not all derivatives are equal. Because it depends on the counterparty."
How to prepare for a global market collapse:
"So I'm very bearish, but I'm not that bearish on equities for the simple reason that if the S&P drops 10 to 15 percent here, and if in Europe the bond market drops again, they (the Fed and ECB) are going to print money. There's no question that QE3 will come in one form or the other. And in Europe also, they will monetize."
"I think most people will be lucky if they still have 50% of their money in five years time. So, you have to have some diversification; some real estate in the countryside, some gold, and some equities." (he mentioned what happened to asset classes during World War I and World War II)