Is an ‘ugly’ recession about to hit in 2024?
Steve Hanke, Professor of Applied Economics at Johns Hopkins University tells Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, that the Federal Reserve is ‘flying blind’ and ‘doesn’t know what it is doing’ when it comes to controlling inflation while maintaining full employment. He says that the Fed needs to focus more on the money supply, and explains why he thinks an ‘ugly’ recession will hit the U.S. economy in 2024. He also discusses gold and his work on currency boards.

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Follow Michelle Makori on Twitter: @MichelleMakori (
Follow Kitco News on Twitter: @KitcoNewsNOW (
Follow Steve Hanke on Twitter: @steve_hanke (
Hanke-Cofnas Gold Sentiment Index:

0:00 – Fed’s latest rate hike
4:53 – Money supply and inflation
9:17 – Recession in 2024
18:54 – Lagging indicators
21:20 – Banking collapses and credit crunch
29:27 – Stock market
31:31 – Gold
38:28 – Argentina’s inflation

#inflation #gold #money
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Federal Reserve Chairman Jerome Powell may be “flying blind” into an “ugly” recession predicted to hit the global economy in 2024, according to economist Steve Hanke. Hanke believes that this impending dire situation might finally force Powell to change his current monetary policy approach.

Hanke, a renowned economist and professor at Johns Hopkins University, has been critical of the Federal Reserve’s handling of monetary policy for a while now. He argues that Powell’s reliance on outdated economic models and his failure to acknowledge the potential dangers on the horizon have left the central bank ill-prepared for a significant downturn.

According to Hanke, the current economic expansion is running on borrowed time, and a recession is imminent in 2024. Hanke argues that with the recent rise in inflation rates, combined with mounting debt levels and financial instability, the global economy is walking on a precarious tightrope, ready to plunge into crisis.

While the Federal Reserve is tasked with promoting stable prices and maximum employment, Hanke believes that Powell’s policies have neglected the potential risks and have actually contributed to the imbalances in the economy. By keeping interest rates low for an extended period and pumping liquidity into the financial system, the Federal Reserve has double-downed on an already overheated economy, heightening the risk of a rapid downturn.

But what makes Hanke predict that this particular recession will force Powell to pivot? Hanke argues that the severity of the recession expected in 2024 will leave the Federal Reserve with no alternative but to reconsider its traditional monetary policy tools. Simply put, the magnitude of this downturn, combined with inadequate policy responses, will leave Powell and his team with no choice but to rethink their approaches.

Hanke suggests that the Federal Reserve should have already changed course, employing a more proactive and forward-looking policy strategy. He believes that the central bank should have taken a more aggressive approach to address the potential imbalances in the economy, rather than sitting on the sidelines and hoping for the best.

While some may view Hanke’s predictions as overly pessimistic, it is crucial to acknowledge that he has a solid track record in forecasting recessions. His ability to identify economic bubbles and subsequent recessions in the past gives weight to his argument.

Ultimately, the world will have to wait and see if Hanke’s predictions for an “ugly” recession in 2024 come to fruition and if this will indeed force Powell and the Federal Reserve to change their approach. A more proactive and forward-looking monetary policy may be necessary to prevent the global economy from falling into a prolonged slump. However, until then, uncertainty looms, and concerns about the Federal Reserve’s ability to navigate through turbulent waters persist.