Massive fiscal and monetary stimulus around the globe has prevented a double-dip recession but not all of the U.S. stimulus has been wisely spent, says Mark Mobius, executive chairman of Templeton Asset Management.

Mobius told CNBC that he expects President Barack Obama to learn from what he considers to be mistakes.

Although Mobius is an emerging markets specialist by trade, the outspoken fund manager had plenty to say about developed economies.

The hefty stimulus packages have enabled the United States to avoid repeating its mistakes of the mid-1930s, when it pulled back early on stimulus only to extend the nation’s Depression, Mobius says.

This time around, “governments have reacted very quickly to pump money into the system to ensure there is enough liquidity, so we see a very good market going ahead in Europe and in the U.S.," Mobius said.

But much of the $787 billion stimulus package passed by Congress last year was misspent, he maintains. That means unemployment, which stood at 9.5 percent in June, will haunt the nation for a long time.

"If you look the at unemployment situation in the U.S., that will probably continue for a while, because a lot of the stimulus package has been going into unproductive government spending," Mobius said.

"The public sector creates bottlenecks and restrictions on growth," he said. "For example, in the labor market, the more restrictions you put on whether you are able to fire or hire, it creates all kinds of problems."

Still, he remains confident that Obama and his economic advisers will correct their errors.

“Going forward, the administration and the government will wake up to the reality that this is not the way to stimulate the economy, and they will have to reduce the burden on small enterprises," Mobius said.

The government must cut its spending, while the private sector should be going in the opposite direction, he maintains.

Harvard historian Niall Ferguson agrees with Mobius that government spending must be slashed.

“How long can the U.S. go on borrowing on the scale it currently is — deficits on the order of 10 percent of GDP and more than $1 trillion year after year,” Ferguson told Yahoo.

“Somebody in Washington needs to come up with a credible plan to put the U.S. back on road to fiscal stability,” Ferguson said.