The Human Action Podcast Steve Hanke on Hyperinflation, Currency Boards, and the COVID Lockdown Debacle
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Jul 1, 2025 Bob hosts Steve Hanke, a renowned economist and scholar at Johns Hopkins University, who shares his expertise on hyperinflation and currency boards. Hanke critiques the COVID lockdowns, arguing they had minimal health benefits but significant economic costs, praising Sweden's laissez-faire approach. He also discusses the mechanics of hyperinflation, promoting currency boards and gold-backed solutions as alternatives to central banks. With historical examples and economic insights, Hanke provides a captivating analysis of government intervention's implications.
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Lockdowns' Minimal Health Impact
- Lockdowns had almost no effect on reducing mortality from COVID-19 according to a meta-analysis of 22 high-quality studies.
- Sweden's laissez-faire approach, which avoided lockdowns, had superior mortality outcomes compared to lockdown countries.
Voluntary Actions Outperform Mandates
- People naturally adjust behaviorally to threats like pandemics without government mandates.
- This voluntary behavioral change was more effective in controlling COVID mortality than imposed lockdowns.
Flawed Models Overestimated Deaths
- Epidemiological models predicting massive deaths from COVID ignored behavioral responses and incentives.
- Real-world data showed lockdowns saved far fewer lives than models predicted, indicating major policy errors.
