Economist Steve Hanke has warned Americans to prepare for a “whopper” of a recession next year, while taking aim at the Federal Reserve’s narrative over the current sky-high inflation levels.
Hanke, a professor of applied economics at Johns Hopkins University, made the comment in an interview on CNBC’s “Street Signs Asia” on Aug. 29.
Hanke said that the chairman of the Federal Reserve, Jerome Powell, “doesn’t understand even at this point what the causes of inflation are and were,” and has failed to inform the American people that inflation is historically caused by excess growth in money supply, or “turning the printing presses on,” as Hanke referred to it….