Economist Peter Schiff has predicted that the U.S. greenback may have “considered one of its worst years ever” in 2023, warning that the inflation downside is “about to get a lot worse.” He additionally shared his prediction concerning the worst-performing sectors of the inventory market this 12 months.
Economist and gold bug Peter Schiff shared his 2023 predictions concerning the U.S. economic system, the greenback, and the inventory market in a sequence of tweets Friday.
“The U.S. greenback index could have had a powerful 12 months, nevertheless it ended the 12 months on a six-month low, down 10% from its November excessive,” he started, elaborating:
This weak spot will possible proceed in 2023, with the greenback having considered one of its worst years ever. If I’m proper the inflation downside is about to get a lot worse.
Schiff additionally disagreed with Wharton College’s finance professor Jeremy Siegel who shared his financial view on CNBC final week.
“Jeremy Siegel is unsuitable,” Schiff contended. Siegel “thinks falling actual property costs means the inflation menace is over. That’s falling asset costs. Shopper costs will hold rising, together with these related to homeownership like lease, mortgage charges, insurance coverage, taxes, utilities, and upkeep,” Schiff argued.
Relating to the inventory market, Schiff predicted:
The worst-performing sectors of the inventory market in 2022 will possible repeat because the worst-performing sectors in 2023.
Schiff has repeatedly warned concerning the U.S. economic system and the greenback crashing. In October, he cautioned concerning the rising nationwide debt that the U.S. can’t repay. “We’re going to default,” he warned. “We’ve rather more debt now than we had in 2008 … so that is going to be a a lot greater disaster when the defaults begin,” he described. The economist additionally predicted that the Federal Reserve’s latest actions may result in market crashes, an enormous monetary disaster, and a extreme recession.
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