Marc Faber, an influential investor and business mogul who’s known as Dr. Doom, pens incredibly racist article in his recent newsletter Gloom, Doom, and Bloom.

Business Insider reports that Faber claims that the “white majority” is responsible for the economic and political success throughout America’s history, even going so far as to say “Thank God white people populated America, and not the blacks.”

In the newsletter’s segment “Free Markets and Capitalism Versus Socialism,” he wrote:

“People are now disturbed by 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. 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.)”

The mogul also complained about the removal of Confederate statues and the “liberal media.

When Business Insider asked Faber if he wrote the column, he double-downed:

“I am naturally standing by this comment since this is an undisputable fact… 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.”

CNBC, Fox Business Network, Bloomberg TV, networks where Faber has appeared as a guest in the past, have all stated that they have severed ties with the racist investor.