Marc Faber sees a deceleration of economic activity everywhere. He notes weakness in the corporate results of United Technologies (UTX, Financial) and Caterpillar (CAT, Financial) as well as most major technology companies warning about the second half.
Faber also thinks that the Chinese economy is even weaker than has been reported.
He believes China's growth is nowhere near 7% and is likely closer to 2%. Faber believes this is a huge deal because China is the largest trading partner of 124 different contries in the world.
