Fed's $600 Billion Effort is the 'Ultimate Bubble': Mark Fisher

The Federal Reserve's recent announcement that it will inject $600 billion more into US economy, a move known as quantitative easing or QE2, has left many on Wall Street concerned.

"If we were going to print this worthless money, we should've bought everyone else's bonds. But buying our own worthless paper with more worthless paper, this is going to be the ultimate bubble," Mark Fisher, founder and CEO of MBF Asset Management, told CNBC's "The Strategy Session" on Tuesday.

"We need to be careful. If you look at QE2, whether you agree with it or disagree with it, this can't end right," Fisher said, adding, "This is gonna end bad. It's not a matter of 'if,' it's a matter of 'when.'"

In relation to China, Fisher thinks the United States should get rid of "the currency peg at all costs because we are subsidizing all of these developing and emerging countries by allowing them to peg their currency to us."

The US should "force China to let its currency free-float," Fisher concluded.