Marc Faber of the Gloom, Boom & Doom Report thinks U.S. stocks are heading for a correction — a big one. Faber tells CNBC that he sees a few big reasons why U.S. markets are in for a pullback. For one, he thinks investors are more likely to put excess liquidity into emerging markets, which are down sharply from their highs, as opposed to the US, where stocks are near all-time highs. “We’re up almost 70 percent in two years, and the economic expansion is four years old already,” Faber says. The Middle East, meanwhile, is a “powder keg”, and interest rates are no longer providing a tailwind as they start to rise, he adds. “Where are the earnings going to come from?” he asks. He thinks the market is headed for a correction in the 20% range, and he thinks that after the declines deflation will become a major concern.