Fed boss Ben Bernanke will destroy the US dollar ”by cutting interest rates” according to investor Marc Faber said.

“Bernanke’s reduction in the target rate for overnight loans between banks to 3% has spurred a rout in US stocks and gains in oil and gold prices,” said Faber, the Gloom, Boom & Doom report publisher who told investors to buy gold at the start of its six-year rally.

Faber, a contributer to The Daily Reckoning, also said that the US is now in a “de-leveraging” phase where banks make fewer loans, stunting economic growth, according to a report on Bloomberg.

“In the U.S., they pursue essentially economic policies that target consumption, which in my opinion is misguided,” Faber said in an interview with Bloomberg Television from Chicago. “They should pursue economic policies that stimulate capital investment and capital formation.”