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Steve Hanke Speaks On The Fed's Most Recent Catastrophic Mistake

steve hanke says a crash is coming
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EDITOR'S NOTE: Economist and Johns Hopkins University professor Steve Hanke tells CNBC that “the Fed has made one of the most catastrophic mistakes in recent history” by pumping up the money supply with loose money. Hanke says the Fed is simply ignoring the money supply growth. Even more damning, Hanke says, is that Fed Chairman Jerome Powell said during testimony in front of Congress that money supply growth is “irrelevant” and has nothing to do with the economy and inflation. While the Fed is focusing on the labor market exclusively to avoid the excess money question, Hanke suggests if they don’t do something fast, inflation will get out of control. 

 

Video: CNBC

Steve Hanke of Johns Hopkins University says the Fed has ignored money supply growth, which he expects to drive persistent inflation for another 2 or 3 years.

Originally posted on CNBC.

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