Sunday, March 6, 2016

World 'crazy' to give central bankers power

The world must be "crazy" to give so much power to central bankers, famed bear Marc Faber told CNBC Friday, calling them "a bunch of professors" whose monetary policy programs have been a "complete failure."

Marc Faber, the editor and publisher of the Gloom, Doom & Boom Report (earning him the moniker "Dr. Doom"), added that he questioned central bank policymakers and the quantitative easing (QE) programs they launched in the U.S., euro zone, U.K. and Japan.

"We all agree on one thing, that the market economy functions best because the opposite is socialism, communism and central planning, which has been a complete failure, but now democracies have implemented a system that is basically run by a bunch of professors and they target inflation, they target exchange rates, they target the quantity of money, I mean, is the world crazy to give them so much power?," he told CNBC Europe's "Squawk Box."

- Source, CNBC