Faber: Central Banks Remind Me of "One Flew Over the Cuckoo's Nest"

Stocks suffered another down day today, their fifth in a row. Marc Faber of the "Gloom, Doom & Boom Report" gives us his take on the market's volatility, monetary policy and what he sees ahead.

MARC FABER: It could be worse, the market, because I lived through the '87 crash during which stocks dropped 21% in one day. So what we've seen here is just a minor appetizer of something larger that will evolve.

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I'm not blaming only the Fed. I'm blaming the Fed, the Bank of Japan, and the ECB. Basically, they talk to each other every day. They coordinate monetary policies. And they come from the same neo-Keynesian, arrogant, interventionist culture. To believe that they can do something more or better than the market mechanism...For the last 5,000 years of recorded human history since the time of Babylon, we've never had negative interest rates.

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The central banks remind me of the movie "One Flew Over the Cuckoo's Nest" where the doctors are the insane, where as the inmates are actually quite common people with common sense and normal.