Economist Peter Schiff has predicted that the U.S. dollar will face “one of the worst years in its history” in 2023, warning that the inflation problem is “about to get much worse.“He also shared his prediction on the worst performing sectors of the stock market this year.
Peter Schiff’s economic predictions for 2023
Economist and gold digger Peter Schiff shared his predictions for 2023 regarding 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, before elaborating:
This weakness is likely to continue into 2023, with the dollar having one of its worst years in history. If I’m right, the inflation problem will get much worse.
Peter Schiff also disagrees with Jeremy Siegel, a finance professor at Wharton University, who shared his economic views on CNBC last week.
“Jeremy Siegel is wrong“, said Peter Schiff. Jeremy Siegel “thinks that falling real estate prices means that the threat of inflation is over. It’s about falling asset prices. Consumer prices will continue to rise, including those related to homeownership such as rent, mortgage rates, insurance, taxes, utilities and maintenance“, said Peter Schiff.
Regarding the stock market, Peter Schiff predicted:
The worst performing sectors of the stock market in 2022 will likely repeat as the worst performing sectors in 2023.
Peter Schiff has repeatedly warned about the collapse of the US economy and the dollar. In October, he warned of a rising national debt that the U.S. cannot pay back. “We are going to default“, he warned. “We have a lot more debt today than we did in 2008…so it’s 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 stock market crashes, a massive financial crisis and a severe recession.