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The "very complacent" market is discounting three critical trends that could ultimately lead to a correction, Marc Faber, editor of The Gloom, Boom & Doom Report, told CNBC on Thursday.
The man also known as "Dr. Doom" said on "Fast Money Halftime Report " that foreign currencies, the U.S. economy and the Trump administration could all contribute to a significant dip.
Faber said the stability of the U.S. economy relative to foreign nations' economies has attracted capital to the United States, boosting the dollar and stock prices. But the trend could reverse, he said.
"I believe the time will come when the weakness of the euro becomes uncomfortable for the Europeans, specifically the Germans, and then there will be a reverse," Faber said. "And the dollar will go down, and the money that flowed into U.S. assets will flow out of U.S. assets, and so the market is more likely to go down."
And, while the U.S. economy looks strong relative to other countries', Faber contended that it is still quite weak based on indicators like tax receipts, car sales and personal consumption levels.
"I believe also the policies of Mr. Trump will actually not reduce the government," Faber continued, suggesting that the commissions President Donald Trump sets up to restructure government agencies will actually go against traditional Republican ideals.
"Plus, fiscal spending means essentially an expansion of the government, so that is not pro-growth in my book," Faber added.
And, while Dr. Doom did not shed light on the timing or financial impact of a potential correction, he said that he will share in the effects.
"We have roughly inflated asset markets. I also own shares, I also own bonds, and I also own precious metals. I also own real estate. So if asset prices go down, I suffer like you and everybody else," he said. "But at least I know that it can happen."