LOS ANGELES, CA (Catholic Online) - Marc Faber, managing director of Marc Faber Ltd. and publisher of the Gloom, Boom and Doom Report clings tenaciously to his prediction. He points out the fact that the world's major economies, such Europe, the U.S., China and the emerging markets that are dependent on China for growth, asre all stagnant and struggling.

"Europe is already in recession," he said. "Germany is still growing very, very slightly, but is likely to go into recession soon."

Job creation and economic growth in the U.S. is also slowing down. "The U.S. economy has decelerated and I don't see much growth in the next six to 12 months," Faber said.

The Federal Reserve and other policy makers are hamstrung when it comes to turning the U.S. economy around.

"I think that if you look at the injection of liquidity and the intervention by the Federal Reserve and the Treasury with fiscal measures, it has already impoverished the U.S. economy," he said.

Faber says that it would require "massive easing, a huge balance sheet expansion," to boost economic activity in the U.S.

Adding to the gloomy prediction is the conviction that Faber has that no matter who wins the top position in November, the U.S. will still be at a standstill.

"The deficit is $1.3 trillion and, in my view, will go up," he says.

Even corporate profits, the lone bright spot, look to be at risk. "The corporate sector has recovered remarkably since the trough in earnings in 2009 and we are at record high earnings," Faber said, but added, "Corporate profits will disappoint over the next 12 to 18 months."

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