Investors may be wringing their hands around the world over Britain's vote to leave the European Union but one of the market biggest bears stands by his upbeat call on the Brexit, saying it would be a bullish injection for global economic growth.
The stunning vote roiled markets, sending indexes plunging across the world. When asked why the markets and polls got it so wrong, Marc Faber, editor of the Gloom, Boom & Doom Report, told CNBC, "They were conducted or paid by the elite."
Faber agreed with presumptive Republican presidential nominee Donald Trump that a Brexit is a benefit to his campaign. He said the U.S. could also see a revolt against the political establishment with the election of Trump to the presidency, "It is already well underway. Brexit is a huge boon for Trump and a wake-up call to Hillary that ordinary people are sick and tired of being lied to and cheated by the crony capitalistic system."
He told CNBC the Brexit is the best thing that could have happened, "It sends a clear message to a sick political elite and useless Brussels bureaucracy, which can't retard economic growth enough with complex laws and endless regulatory hurdles that the working people have had enough."
Faber stressed Britain leaving the EU would not be disastrous, saying that if Switzerland can operate in a "single" market and outside of the EU so can Britain. "Brexit is a victory of ordinary people, common sense and people who are prepared to take responsibility for the sake of freedom against a political and financial elite that only cares if stocks go up or down and does not care about the interests of the average British citizen." Said Faber, "We can only hope that more countries will opt out of the failed EU monster. I see only a good contagion."