The 2008 financial crisis could be just a precursor to a more severe economic fallout on the horizon, closely followed contrarian investor Marc Faber tells CNBC.
The publisher of The Gloom, Boom & Doom Report told " Squawk Box " he's concerned about the possibility of a new financial crisis developing in the second half of this year.
As a percentage of the advanced economies, total credit-including corporate, government and consumer debt-is 30 percent higher than it was in 2007, Faber said. "I don't think that is the economy recovering at all. We have in the American economy a slowdown."
He also cited the crisis in Ukraine among the geopolitical problems that serve as a negative for the financial markets.
Appearing on CNBC last month , Faber had said he expects the selling in the momentum names to spread to the broader U.S. stock market. He predicted a correction later this year.
Read More Momentum stocks get whacked again
-By CNBC's Matthew J. Belvedere