Marc Faber: S&P is set to crash 50%, giving back 5 years of gains

The notoriously bearish Marc Faber is doubling down on his dire market view.

The editor and publisher of the Gloom, Boom & Doom Report said Monday on CNBC's "Trading Nation" that stocks are likely to endure a gut-wrenching drop that would rival the greatest crashes in stock market history.

"I think we can easily give back five years of capital gains, which would take the market down to around 1,100," Faber said, referring to a level 50 percent below Monday's closing on the S&P 500.

In fact, stocks would need to fall by at least that much in order for some of Faber's calls to be proven correct. In October 2009, when the S&P was trading near 1,100, Faber said on Indian CNBC-TV18 that U.S. and Indian stocks were "very overbought" and "the gravy's out" on the rally.

Since then, Faber has generally only become more and more bearish as stocks have climbed. And on Monday, as Faber made his latest crash call, the S&P 500 touched an all-time high of 2,185.44.

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