"I don't consider that a crash," he said. "I consider a crash a 90 percent decline. That is not likely to happen because the Fed will continue to print money."
That would likely lead stocks to continue their climb in the near-term, he added.
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"I think they're rallying because some investors are beginning to realize that will all the money printing that is going on, commodities may be bottom out soon and that assets may be more desirable to own than paper, paper meaning bonds and stocks," Faber said.
But he added a caveat.
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"What I mean is basically the money printing distorts everything, and there's a huge misallocation of capital whereby most of the capital doesn't flow to the ordinary people, to the middle class, to the working class," he said. "It flows essentially to the people closest to the money printing," benefiting the likes of banks and hedge funds.
— By CNBC's Bruno J. Navarro. Follow him on Twitter
Trader disclosure: On Aug. 9, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long BAC; Tim Seymour is long POT; Tim Seymour is long SBUX; Tim Seymour is long WLT; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU; Guy Adami's wife, Linda Snow, works at Merck; Josh Brown is long AAPL; Josh Brown is long XLU; Josh Brown is long FSLR; Josh Brown is long GOOG; Josh Brown is long VGK; Josh Brown is long DVYE; Brian Kelly is long Yen; Brian Kelly is short US dollar; Brian Kelly is long British Pound; Brian Kelly is long Euro.