Steve Hanke's Dire Warning: Recession Inevitable as Money Supply Contracts

Professor Steve Hanke reveals why he believes a recession will strike the second half of 2024 and how you can protect your portfolio. In this episode of Wealthion, host Andrew Brill welcomes back Steve Hanke, Professor of Applied Economics at Johns Hopkins University and former advisor to President Reagan. Professor Hanke provides his in-depth analysis of the current economic landscape, breaks down the contraction of the money supply, rising unemployment, and the likelihood of an impending recession. Hanke critiques the Federal Reserve's recent actions, describing them as significant monetary blunders that have set the stage for an inevitable downturn. He explains how the Fed's overreaction to early 2020 events led to an unprecedented growth in the money supply, followed by a severe contraction, signaling a challenging period ahead. The conversation also dives  into the rising national debt, currently at $35 trillion and increasing, and its potential consequences for future generations.  TIMESTAMPS: 00:00 - Introduction 01:26 - Economic slowdown 03:22 - Fed's monetary policy 06:23 - Interest rates & inflation 07:29 - Government stimulus 08:40 - Market perception 09:45 - Golden growth rate 12:57 - Banks & money supply 18:01 - Historical recessions 20:43 - Unemployment rise 22:54 - Market exuberance 26:36 - Pricing & wage growth 30:22 - National debt 33:13 - Inflation tax 35:04 - Debt crisis solutions 37:42 - Budget process issues 38:35 - Fiscal responsibility 39:50 - De-dollarization myths 41:57 - Gold hoarding 43:56 - Conclusion Learn more about your ad choices. Visit megaphone.fm/adchoices