Famed Economist Predicts Mass Market Sell-off, Societal Collapse

Marc Faber: Markets to Plunge 20% on Dismal Earnings, Not Fiscal Cliff or Greece (MoneyNews)

Expect weak earnings to roil markets in the near future, with the fiscal cliff or Greek debt woes having a less noted effect, said economist Marc Faber, publisher of The Gloom, Boom and Doom report.

Stocks could lose as much as 20 percent of their value after a sell-off runs its course, Faber told CNBC.

“I don’t think markets are going down because of Greece, I don’t think markets are going down because of the fiscal cliff — because there won’t be a fiscal cliff," Faber told the network.

“The market is going down because corporate profits will begin to disappoint, the global economy will hardly grow next year or even contract, and that is the reason why stocks, from the highs of September of 1,470 on the S&P, will drop at least 20 percent, in my view."