Steve H. Hanke (@Steve_Hanke), professor of applied economics at Johns Hopkins University and the founder and co-director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise, joins Julia La Roche on episode 81 for a wide-ranging conversation on the economy.
Two years ago, using the quantity theory of money — which links asset prices, economic activity and inflation to changes in the money supply—Professor Hanke accurately predicted that inflation would be persistent and rise to the highest levels in a generation between 6 to 9%. Inflation topped out at 9.1%. Hanke thinks the inflation story is over, and a recession is likely on the way.
Read “Did Lockdowns Work?” Here: https://iea.org.uk/wp-content/uploads/2023/06/Perspectives-_1_Did-lockdowns-work__June_web.pdf
The Hanke-Cofnas Gold Sentiment Score: https://thegoldsentimentreport.com/
0:00 Open
0:47 Money supply drives the economy
3:00 Inflation story is basically over
4:49 Economic picture around the world
5:25 Inflation is a local problem
7:02 The Fed has been a complete disaster
12:13 One-to-one linkage in change in money supply and inflation
13:00 Path to becoming a Monetarist
15:00 Why doesn’t the Fed pay attention to the quantity theory of money
18:24 Recession
20:47 Preparing for a recession
22:18 Long-term bullish on gold
27:29 Covid lockdowns biggest policy mistake in modern times
#106 Harald Malmgren & Nicholas Glinsman: The U.S. Treasury Market Is The ‘Ultimate Wrecking Ball’
#105 Sam Burns: The Economy Isn't Headed For Recession Any Time Soon
#104 Christopher Zook On Stagflation, Energy, And A 'Generational Opportunity' In Commercial Real Estate
#103 Matt Higgins: The Only Way Out Is A Reckoning
#102 Masha Bucher On The State Of Venture Capital, Investing In AI, And How To Navigate Today's Market
#101 Larry McDonald: The Probability Of Sustained Stagflation Is Rising
#100 Bill Ackman On Activist Investing, The Economy, And Learning From Mistakes
#099 Peter Cecchini: 3 Reasons Why We're Headed Toward Recession
#098 Rick Rule: 'Potent And Very Ugly Cocktail' In A Rising Interest Rate Environment
#097 Peter Borish: My Concern Is More Than A Recession
#096 Michael Howell: It's Bonds, Not Banks, That Look Dangerous
#095 Carol Roth: You Will Own Nothing
#094 Todd Gordon: Why We're Not Headed Toward Recession
#093 Neil Howe: The Fourth Turning Is Here — How Will This Crisis End
#092 Milton Berg On Why There’s Strong Evidence The Market Won’t Do Well
#091 Peter Atwater On The Troubling Disconnect Between Main Street & Wall Street
#090 Jens Nordvig On How AI Is Changing Investing Forever
#089 Jim Bianco On Why Inflation Will Be Problematic And There Won't Be A Fed Pivot
#088 Dr. Ed Altman: We’ve Reached An Inflection Point In The Credit Cycle
#087 Jason Trennert: If You're Playing The Odds Expect A Recession In The Next 6-12 Months
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