by Brian Price at CNBC
As investors wring their hands over the impact of Britain's potential withdrawal from the European Union, otherwise known as "Brexit," one of the market's biggest bears delivered a surprising message.
"I happen to think that a Brexit would be bullish for global economic growth," Marc Faber told CNBC's "Trading Nation" on Wednesday. "It would give other countries incentive to leave the badly organized EU."
The editor and publisher of The Gloom, Boom & Doom Report emphasized that a vote on June 23 by Britain to leave the EU would be an ideal course of action for the country. Additionally, Faber expressed the belief that small countries like Croatia, Estonia and Malta would also prosper as independent nations versus being a part of a larger system.
Currently, the EU has 28 members that operate within a single market with the goal of encouraging the free movement of goods and services. British Prime Minister David Cameron has expressed disdain for leaving the bloc, explaining in a piece for The Telegraph that doing so would "be the gamble of the century."
However, that's a risk that Faber says Britain should be willing to take and noted that the European Union is an "empire that is hugely bureaucratic."
Faber further reasoned that a Brexit would not be a disaster. "On the contrary, it would be the best thing for Britain that would ever happen!"
Faber defended his case by citing Switzerland, which is not a member of the EU nor the European Economic Area, but instead operates in the "single" market. That enables the Swiss to have rights in the U.K., but theoretically allows them to operate independently of both groups.
"Switzerland is doing much better than any other country in Europe. So maybe Britain would do the same?" said Faber.
While the Swiss franc has been relatively flat in the last month, notable highlights for Switzerland include the completion of a $12 billion rail tunnel, the longest in the world.
With expectations that Britain opts to leave the EU, Faber advised that investors should prepare for a market sell-off in the immediate aftermath, but that there will be long-term benefits.
"The establishment has said that if a Brexit occurs, they lose the export market. That's not true. They can make bilateral agreements," he exclaimed.
Faber advised that European nations should turn their focus to Asia, notably China and India, when it comes to finding fresh export partners. With this in mind, he concluded that Brexit would be a positive development for Britain and for Europe at large.