Apparently believing Ben Bernanke has no shame, Marc Faber said in a CNBC interview that if he were Bernanke he would resign for screwing up the U.S. economy so badly.
"If I had messed up as badly as Bernanke I would for sure resign. The mandate of the Fed to boost asset prices and thereby create wealth is ludicrous - it doesn't work that way. It's a temporary boost followed by a crash," Faber said.
In the latest round of quantitative easing, identified as QE3, Bernanke said the Federal Reserve will acquire $40 billion in mortgage-backed securities indefinitely ... until the employment situation improves, which could be years into the future, based upon the response of the economy to the failure of prior quantitative easing initiatives.
Faber asserted and concluded this: "The money printers are responsible for this crisis. If we continue with this expansionist monetary policy we won't be facing a fiscal cliff it will be a fiscal grand canyon."
Also rightly taking a needed shot at the outrageous size of government, Faber said, "If we have an economic crisis in the Western world it's because the government makes up 50 percent or more of the economy. This is a cancer that is taking away people's freedom." He is right.