Markets appeared to sigh in relief after the Federal Reserve got no closer to raising rates in its latest policy statements, but Marc Faber said there should be no need to worry about any interest rate increase.
"I doubt they would increase rates this year. I think they'll keep rates at essentially zero," Faber said Wednesday in a "Trading Nation " interview. "[Fed Chair Janet] Yellen said very clearly that the rate hikes are data-dependent, and data is globally getting worse, it's not getting any better."
To Faber's mind, America is in dire straits.
"I don't think the U.S. economy is doing particularly well," the editor and publisher of the Gloom, Boom & Doom Report said. "One of the problems is affordability, and cost-of-living increases. For most households, the cost of living has gone up very substantially and so their spending power is limited. In addition to that if you look at tax revenues in the U.S., corporate tax as a percent of GDP is essentially flat. However, what has gone up a lot as a percent of GDP is individual taxes, so it has some negative impact on the economy."
In fact, Faber goes so far as to forecast: "We could very well be in a recession in the U.S. within six months."
A recession is technically defined as two straight quarters of negative GDP growth. Not even the most bearish economists see that in the cards for 2015.
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This isn't the first time that Faber has issued a strikingly pessimistic take on the economy.
In the interview, Faber also elaborated on comments he made to Indian CNBC-TV18, in which he said that "We're very overbought, and the economic new is not particularly good. … I think the big move, the gravy's out," when it comes to both American and Indian stocks.
The date of that interview? Oct. 1, 2009, when the American economy was still in the depths of recession, and the was trading at 1,057. Stocks have returned approximately 100 percent since then.
"I've had this negative view for quite some time," Faber said Wednesday. "But whereas before I expected roughly a 20 percent correction, which is nothing compared to where we came from," at this point, "I would expect something more serious to occur."
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