Bernanke Is a ‘Counterfeit Money Printer’ and Should Resign: Faber

As CNBC notes, a Mayfair economy is one which benefits the wealthier and better off in society. Faber said this latest round of QE would not help the "man on the street."

"QE helps rich people whose asset prices go up and whose net worth then increases, but it doesn't flow to the man on the street who is faced with higher costs of living with price rises," he said. "You just have a small economy that is booming, but the majority of the economy is damaged by QE."

The network says Faber "poured scorn" on the notion that QE helps the economy, declaring that supporters of the policy would have said the same in 2001 when low interest rates led to a housing bubble in the United States. That, in turn, led to the financial crisis of 2008.

"If we have an economic crisis in the Western world, it's because the government makes up 50% or more of the economy," he said. "This is a cancer that is taking away people's freedom."