Faber: Emerging Markets Should Thank Bernanke

The Federal Reserve is taking a lot of heat overseas for its latest round of quantitative easing, with countries including Brazil, Germany and China worried that it will push the dollar lower against their currencies.

But market guru Marc Faber says those countries should be thanking the Fed and chairman Ben Bernanke rather than criticizing it. Fed policy has helped emerging markets grow, he says.

"U.S. monetary policies have been very good for Asia, specifically for China because it fostered industrial-production growth in China, employment growth, wage increases, domestic consumption, increased demand for raw materials," Faber tells CNBC.

"That then lifted commodities prices. For that, actually the developing world, the emerging economies including China, Vietnam, Brazil and so forth should all send a 'Thank You' note to Mr. Bernanke."

To be sure, the Fed’s coming securities purchases spell trouble down the road, Faber says. (more)

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