Government expansion like a cancer!
NEW YORK - June 17, 2010 - Governments have intervened too much in free markets since the Depression started, to the point that they are affecting the health of the world economy, Marc Faber, the author of The Gloom, Boom & Doom Report told CNBC Thursday.
Later on Thursday, leaders of the 27 European Union member states will discuss ways of strengthening fiscal discipline in the bloc and tightening financial regulation to prevent another economic crisis.
In the U.S., despite criticism about the way it handled the crisis, the Federal Reserve is set to become the most powerful financial regulator under a financial reform bill being discussed in Congress.
"I think that governments have become like a cancer, they have expanded in the financial system," Faber said.
"I think the biggest problem is too much intervention. Whatever the government touches is usually done worse than in the private sector," he said.
