Economist Peter Schiff has shared some predictions for 2024. “The big surprise in 2024 will not only be that the economy crashes into recession, but that high inflation returns with a vengeance,” he described. The technicals are breaking down for the U.S. Dollar Index, he added, emphasizing: “This couldn’t come at a worse time. The Fed is planning interest rate cuts, which will not only accelerate the decline, but put renewed upward pressure on inflation.”
Peter Schiff’s 2024 Economic Predictions
Gold bug and economist Peter Schiff shared his predictions for 2024 in a series of posts on social media platform X Wednesday.
“Investors are convinced the Fed has succeeded in restoring price stability without causing a recession, pulling off a miraculous soft landing,” Schiff described, warning:
The big surprise in 2024 will not only be that the economy crashes into recession, but that high inflation returns with a vengeance.
“The U.S. Dollar Index is below 101 for the first time since July, down over 12% from its 2022 high. The near 30% rise in the dollar off its 2021 low is the main reason headline CPI declined so much. All of those gains may be lost in 2024, sending annual inflation to new highs,” Schiff explained.
“As the year draws to a close, the Dollar Index continues to sink quietly toward 100 as gold continues to nudge its way toward $2,100. Look for these moves to become increasingly more pronounced in 2024, as both the dollar’s fall and gold’s rise accelerate,” the gold bug advised.
While emphasizing that the U.S. Dollar Index closed at its lowest level since July, Schiff explained on Dec. 21: “More importantly, the technicals are breaking down. This couldn’t come at a worse time. The Fed is planning interest rate cuts, which will not only accelerate the decline, but put renewed upward pressure on inflation.”
Moreover, Schiff shared on X Thursday: “The Nov. trade deficit in goods was a larger than expected $90.3 billion, as the decline in exports exceeded the decline in imports.” He stressed:
This not only indicates a weak and dysfunctional economy, but portends a significant drop in the dollar and rise in imported goods prices in 2024.
In a follow-up post, Schiff stated that the “highly anticipated recession” is “still coming,” emphasizing that all the government spending, credited with preventing the recession by some, “merely delayed the onset, while ensuring the recession is much worse.”
Schiff has constantly cautioned about the U.S. economy and the USD. Last month, he warned of the U.S. dollar being near a “historic crash,” emphasizing that the U.S. economy will not see a soft landing. He said in October that owners of U.S. dollars will get destroyed. He also warned of a deep recession, an inflationary depression, an “unprecedented” financial crisis, and the biggest bond market crash.
What do you think about the predictions by economist Peter Schiff about the U.S. economy and the dollar? Let us know in the comments section below.
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