A noted expert says it's not the tsunami of tax hikes and spending cuts coming down the pike that will bludgeon the nation's economy in the coming weeks, but rather a raft of poor corporate performances and a lack of global growth that will take their toll on the markets.

Marc Faber, author of the Gloom, Boom and Doom report, told financial network CNBC this week that the markets are set for a meltdown soon and could lose as much as 20 percent of their value.

"I don't think markets are going down because of Greece, I don't think markets are going down because of the 'fiscal cliff' - because there won't be a 'fiscal cliff,'" said Faber - referring to mandatory spending cuts and tax increases that are set to take effect Jan. 1, barring congressional action - told the network's Squawk Box program.

"The market is going down because corporate profits will begin to disappoint, the global economy will hardly grow next year or even contract, and that is the reason why stocks, from the highs of September of 1,470 on the S&P, will drop at least 20 percent, in my view," he told the program.

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