Marc Faber: Western countries in a Colossal Mess in the next 5 to 10 years

World renown economist Marc Faber expressed his opinion that in the next 5 to 10 years the U.S. and other Western countries will be in colossal mess. The author of the Gloom, Boom and Doom report told CNBC tha the reason for that is the debt burden, which will continue to increase in the upcoming times.

"I think the regimes will try to keep the system alive as it is for as long as possible, which means there’s no "fiscal cliff," there’s a fiscal grand canyon," Faber explained.

Faber argued that the political systems in place in the Western world would allow the debt burden to continue to expand. Under such a scenario of never-ending deficits, the West would rack up huge deficits. One day, the system would break, he said.

"Eventually, you have either huge changes occurring in a peaceful fashion through reforms, or, usually, through revolutions," Marc Faber said. The U.S. is getting closer to such a revolution, he added, as is Europe.

"I think the timeframe would be within five to ten years you have a colossal mess everywhere in the Western world," Faber said. "I think the deficit in the U.S. — irrespective of who is in the White House — will stay above a trillion dollars per annum for at least as far as the eye can see."

Bureaucracies in the U.S., as well as Europe, are far too big, he said, and are a burden on the economy. And he gave his recipe for the cure:

"My medicine for the U.S. is: Reduce government by minimum 50 percent," Faber said. "The impact would be immediately an improvement in the economy."