Economist Peter Schiff has predicted that the U.S. dollar will have “one of its worst years ever” in 2023, warning that the inflation problem is “about to get much worse.” He also shared his prediction about the worst-performing sectors of the stock market this year.
Peter Schiff’s 2023 Economic Predictions
Economist and gold bug Peter Schiff shared his 2023 predictions about the U.S. economy, the dollar, and the stock market in a series of tweets Friday.
“The U.S. dollar index may have had a strong year, but it ended the year on a six-month low, down 10% from its November high,” he began, elaborating:
This weakness will likely continue in 2023, with the dollar having one of its worst years ever. If I’m right the inflation problem is about to get much worse.
Schiff also disagreed with Wharton University’s finance professor Jeremy Siegel who shared his economic view on CNBC last week.
“Jeremy Siegel is wrong,” Schiff contended. Siegel “thinks falling real estate prices means the inflation threat is over. That’s falling asset prices. Consumer prices will keep rising, including those associated with homeownership like rent, mortgage rates, insurance, taxes, utilities, and maintenance,” Schiff argued.
Regarding the stock market, Schiff predicted:
The worst-performing sectors of the stock market in 2022 will likely repeat as the worst-performing sectors in 2023.
Schiff has repeatedly warned about the U.S. economy and the dollar crashing. In October, he cautioned about the rising national debt that the U.S. cannot repay. “We’re going to default,” he warned. “We have much more debt now than we had in 2008 … so this is going to be a much bigger crisis when the defaults start,” he described. The economist also predicted that the Federal Reserve’s recent actions could lead to market crashes, a massive financial crisis, and a severe recession.
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