The author of the Gloom, Boom & Doom newsletter, in a CNBC interview, said "money-printing" central banks such as the US Federal Reserve will keep prices elevated for risky assets like stocks.

"When you print money everything goes up at different times, different asset classes," Faber said in a live interview. "I think that stocks may still continue to go up, and I would rather own equities than government bonds for the next 10 years."

Printing money is the way global governments will evade debt crises such as the one that is gripping Europenow, he said.

European ministers are convening to devise a way for Greece to get out of its debt jam, with a likely large bailout fund on the way for nations in similar distress as well as a separate allocation toward recapitalizing banks holding the bad debt.

Policymakers are facing criticism, though, for forestalling the crisis rather than solving it.

"The end crisis will be postponed until the sovereigns go bankrupt," Faber said. "They can postpone the end-game endlessly...say another five to 10 years. Each money-printing exercise brings about unintended consequences. These unintended consequences are higher inflation rates than had no money been printed."