He thinks that the Chinese economy is going to badly disappoint. He thinks China's real growth is more like 4% than the 7% to 9% published.
Near term he thinks Treasuries, gold and equities are all oversold. Longer term he thinks there is considerable downside risk in all asset classes.
Faber thinks that the mess that has developed in global economies is due to constant government intervention dating back to the 1998 action on Long Term Capital Management.
Washington Post Buffett Analysis