Economist Peter Schiff predicts that the US dollar will It was “one of the worst years ever” and warned that the inflation problem was “getting worse”. He also shared his predictions for the worst performing sectors of the stock market this year.
Peter Schiff’s Economic Forecasts for 2023
Economist and money bug Peter Schiff said in a series of tweets on Friday that the US economy, the dollar and stocks shared his 2023 predictions for the market.
“The US Dollar Index may have had a strong year, but from its November high, he fell 10% to end the year at a six-month low,” he began. , elaborated.
This weakness will likely continue into 2023, giving the dollar one of its worst years ever. If I’m right, the inflation problem is about to get worse.
Schiff also disagreed with Wharton University finance professor Jeremy Siegel, who shared his economic views on CNBC last week.
“Jeremy Siegel is wrong,” Schiff claimed. “I think the fall in real estate prices means the threat of inflation is over. Consumer prices will continue to rise, including those related to ownership,” Schiff argued.
Regarding the stock market, Schiff predicted:
The worst performing sector of the stock market in 2022 will continue to be the worst performing sector in 2023. likely to be repeated as
Schiff has repeatedly warned of a crash in the US economy and the dollar. In October, he warned of an increase in the national debt that the United States cannot repay. “We will default,” he warned. “We have a lot more debt now than we did in 2008, so when defaults start, this will be a much bigger crisis,” he explained. Economists also predicted that the Federal Reserve’s recent actions could lead to market crashes, major financial crises and deep recessions.
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