Contact us
CALL US NOW 1-888-GOLD-160

Peter Schiff: The Recession Everybody Denies Exists Is Going to Get Worse

  by    0   0

Peter Schiff recently appeared on Dan Bongino’s Unfiltered on Fox News to talk about the economy, inflation, the stock market, the Federal Reserve and investing in 2023. Peter said the recession that everybody denies exists is going to get worse, and so is inflation.

Some people in the mainstream seem to think a big stock market rally is in the cards. Peter said the optimisim is unfounded.

I don’t think it’s going to be a good year for the stock market. I think there are going to be some stocks that do well. Unfortunately, most Americans don’t own those stocks.”

Peter said the ones that most investors do own are going to go down.

The very popular stocks that a lot of people have crowded into during the bubble — these stocks, even though they’ve come down a lot in 2022, they still have a long way to fall. And I think there’s a lot of risk in 2023, not just in the market, but in the economy.”

Bongino referenced an op-ed in the New York Post by Ken Fisher arguing that the bad news, especially in the job market, is already written into the script and priced into the market. That means we may well have a “summer of love” in the stock market with a healthy rebound. Peter said people are underestimating just how bad the news is going to get.

First of all, a lot of people think inflation is going to come down. It’s not. I think the decline is what’s transitory. I think we’re going to be making new year-over-year highs in inflation before the end of the year.”

Peter has been arguing that a declining dollar and an ultimate Fed pivot away from monetary tightening will mean more inflation down the road, even if we get some relief in the CPI over the next few months. He drove this point home in a recent podcast.

That is the really important point that seems to be lost on everybody. What investors are trying to figure out is ‘has inflation peaked?’ Have we seen peak inflation? Now, I think the answer to that question is no. I don’t think inflation has peaked. Now, it may have peaked for a short period of time. It may take until the second half of 2023 before we get a year-over-year rate of inflation that was higher than the high water mark for 2022. Who knows? Maybe it will take into 2024. But the one thing that I’m certain of is that we’re not going anywhere near 2%. And that is what investors still don’t understand — that the days of low inflation are over, and we’re living in an era of high inflation. That is a complete game-changer for the Fed and the Fed has yet to come to terms with this new reality, nor has the market.”

And during his discussion with Bongino, Peter said the notion the economy is about to rebound is nothing but a fantasy.

The recession that everybody denies exists is actually going to get worse. So, we’re going to have a weaker economy and stronger inflation. The markets are not expecting that, and neither is the Fed.”

Free Silver Report

Get Peter Schiff’s key gold headlines in your inbox every week – click here – for a free subscription to his exclusive weekly email updates.
Interested in learning how to buy gold and buy silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!

Related Posts

Peter Schiff: More Economic Pain Ahead in 2023 (Video Interview)

Last year was a tough one for investors. In fact, it was the worst year for Wall Street since 2008. The Dow was down about 8.8%. The S&P 500 fell by 19.4%, dropping more than 20% from its high. The Nasdaq took the worst hit, tumbling by 33.1%. Meanwhile, the bond market tanked, bitcoin collapsed, […]


Peter Schiff: I’m Even More Bullish on Gold Now!

Peter Schiff recently appeared on Kitco News and chatted with anchor David Lin. Peter gave his outlook for inflation, stocks, and gold in 2023. Peter said we had better get prepared for an inflationary depression. He also emphasized that he is very bullish on gold in the year ahead.


Peter Schiff: The Private Sector Can Lead Us Back to a Gold Standard

Peter Schiff recently appeared on the Jay Martin Show. During the interview, he explains how the private sector can ultimately lead the world back to a gold standard.


Peter Schiff: The Game Has Changed

Peter Schiff joined Liz Claman and Andrew Brenner of NatAlliance Securities to talk about the December Federal Reserve meeting and the messaging from Fed Chair Jerome Powell. Peter said investors need to understand that the game has changed. Inflation isn’t going away.


Peter Schiff and Megyn Kelly: The Biden Economy Is a Mess

President Joe Biden said Americans are becoming more optimistic about the economy. He said that’s part of the “broad story about the economy we’re building that works for everyone.” Peter Schiff has a different take on the economy. He recently appeared on The Megyn Kelly Show to talk about it.


Comments are closed.

Call Now