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Wealthion - Be Financially Resilient
Steve Hanke on the Fed’s Failures, Trump’s Win, and Recession in 2025
Nov 21, 2024
Steve Hanke, a Professor of Applied Economics at Johns Hopkins University, dives into the repercussions of the Federal Reserve's monetary policies. He examines how post-COVID inflation and wealth inequality paved the way for Trump's political ascent. Hanke warns of a looming recession in 2025 fueled by tightened money supply and discusses the geopolitical threat posed by China's dominance in global industries. With keen insights into economic forecasts and political discourse, he sheds light on the complexities of today's financial landscape.
54:00
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Quick takeaways
- Hanke argues that the Federal Reserve's monetary missteps have exacerbated wealth inequality, contributing to political shifts and Trump's electoral success.
- He predicts a looming recession in 2025 as a result of money supply contraction, impacting inflation and economic stability.
Deep dives
Impact of Election on Wealth Distribution
The election outcome seems to reflect deepening income inequality exacerbated by recent government fiscal policies. Observations indicate that the wealth of billionaires in the U.S. has surged significantly, rising from 14% of GDP at the onset of the pandemic to 21.2% today. This sharp increase in wealth among the elite has coincided with real income declines for the average worker, prompting resentment from those who feel left behind. This festering discontent played a crucial role in the recent electoral shift, as many voters perceived the election as a rejection of the elites benefiting from the current monetary policies.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode