Marc Faber: Forget a Fed rate hike; QE4 coming

While some U.S. economic data suggest the economy is ready for normalizing monetary policy, Marc Faber said Thursday the Fed will have to unleash another round of quantitative easing.

"When I look at the whole financial sector … I feel like [I'm] on the Titanic. We're fighting about deck chairs, [meaning] which assets are performing best and we're fighting over the best tables in the ballroom, but I think it's best to find your safety boat and ladder because I think the financial sector will implode one day," the editor and publisher of the Gloom, Boom & Doom Report said on CNBC's "Squawk Box."

Faber made his remarks a day after the Federal Reserve's Beige Book said economic activity has expanded at a "modest" to "moderate" pace over the past few months.

"All the central banks are so deep in the mud that, in my view, they will continue to essentially buy assets," Faber said.

Faber also said the main problem hindering U.S. growth is the lack of affordability in its major cities. "The prices have gone up so much that many cities in the U.S. and Europe are not affordable anymore. What people do is spend money, but they don't go out too often; they go out once a week or so."

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These problems are not exclusive to the United States. "I don't see much of an economic improvement anywhere," Faber said.

—CNBC's Jeff Cox contributed to this report.