The Federal Reserve got us into this mess.

So says Marc Faber, editor of "The Gloom, Boom & Doom Report," in a recent edition of The Wall Street Journal.

“The world has gone from the greatest synchronized economic boom in history to the first synchronized global bust since the Great Depression," due to monetary policy, Faber contends.

Our currently disastrous global economy may also be attributed to governments that ignored market signals and central bankers who believed in endless booms, Faber says.

"The Fed never truly implemented tight monetary policy [when it was needed]," he says, referring to economic circumstances beginning with the 2000 tech-stock bust.

In January 2001, the Fed began cutting rates, from 6.5 percent to 1.75 percent as the year ended, and down to 1 percent in 2003, Faber points out.

These were the wrong moves, Faber suggests, since the U.S. economy began rebounding on its own in November 2001.

Right now, "The best policy response would be to do nothing and let the free market correct the excesses brought about by unforgivable [Fed] policy errors," Faber says.

Some economists agree that our monetary policy has been misguided.

"The Fed held its target interest rate, especially in 2003-2005, well below known monetary guidelines that say what good policy should be based on historical experience,” John Taylor, a professor of economics at Stanford, also recently wrote in the Journal.