It's the question investors everywhere are wrestling with: Are asset prices in a bubble, or do they simply reflect the fact that the global economy is growing once again?
For Marc Faber, editor of the Gloom, Boom & Doom Report, the answer is clear. In fact, he says the bubble may already be bursting.
related investing news
"I think it's a colossal bubble in all asset prices, and eventually it will burst, and maybe it has begun to burst already," Faber said Tuesday on CNBC's "Futures Now" as the lost ground for the second-straight session.
Read More Welcome to the Everything Boom, or maybe the Everything Bubble
Of course, Faber has long been expecting a market decline. But for the precise reason that stocks have simply continued to rise, he's now become even more bearish.
"Obviously I've been wrong in the sense that I expected a correction to occur over the last two years, and it hasn't happened since October 2011, when the S&P was at 1,074. We've gone up in a straight line, without a larger correction than 11 percent, and I think we're not going to have a correction, but we're going to have a bear market," he said.
Marc Faber and Peter Schiff may be just what this rally needs
(Watch Marc Faber discuss his call Wednesday on "Closing Bell" at 3:10 pm ET)
The first issue is that, Thursday's big jobs number aside, Faber doesn't believe that the economy is actually improving.
Read More Bull market in its final stage: Ed Yardeni
"I don't believe that the global economy is strengthening; I rather think the global economy is weakening," he said. And "there are other issues that may put the weight on the markets that will push prices lower. A, I think that we have in the White House, a very poor president, and that may lead to some political issues in the U.S. domestically. B, we have numerous political issues to consider, And C, we could have, potentially, a much higher oil price."
Read MoreCashin: What's weighing on Wall Street this week
All in all, Faber is looking for a 30 percent drop in the S&P 500.
Meanwhile, it is worth nothing that while few are as bearish as Faber, several strategists have similarly been calling for a correction.
Read MoreWhy this bullish pro sees big market drop soon
Jeffrey Saut, the generally bullish chief market strategist at Raymond James, called on Monday for a "decent pullback" in mid-July or early August. And Canaccord Genuity chief equity strategist Tony Dwyer, who has the highest year-end S&P target on the Street at 2,185, continues to foresee a 5 to 10 percent correction in the near-term.
—By CNBC's Alex Rosenberg.
Watch "Futures Now" Tuesdays & Thursdays 1 p.m. ET exclusively on FuturesNow.CNBC.com!