Professor Steve Hanke is a renowned economist who served on President Reagan’s Council of Economic Advisors.
In a recent interview on CNBC, Hanke predicted a recession is coming in 2024 due to changes in the money supply not seen since the 1930’s.
Right now the U.S. economy is experiencing the calm before the storm, he said.
Watch:
From the video (emphasis added):
“The contraction of the money supply will continue on pace and will be in the thick of it in 2024. And I think basically what’s happening: this is kind of the calm before the storm. The soft landing folks think everything looks great – we’re going to have a soft landing. My interpretation is no, they’re not looking at the money supply. And if they were, they’d realize that this is a calm before the storm.“
In a separate interview, Professor Hanke was asked about the role of gold in today’s economic system.
He said,
“As Nobel Laureate, my good friend, the late Robert Mandell said, ‘Gold will always have a role in the international monetary system.’
And it does. Now, your question is: Is the role going to get bigger or smaller? I think it’s probably going to get bigger, and in a way that’s because of this reaction to the sanctions, financial sanctions that have been associated with the United States and the European Union, by the way.
But this weaponization of the dollar has opened the window a little bit for gold…”
The growing BRICS alliance (Brazil, Russia, India, China, South Africa, Iran, Saudi Arabia, Egypt, UAE, Ethiopia, Argentina) has been quietly stockpiling gold – and have accelerated purchases in the last year.
Here is a chart of their gold reserves – note the steep rise in the last year:
It isn’t just foreign countries who are moving to hold more gold — many Americans with retirement accounts are doing the same thing.
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Note: The information provided by Gateway Pundit or any related communications is for informational purposes only and should not be considered as financial advice. Gateway Pundit does not provide personalized investment, financial, or legal advice.
The post Renowned Economist Expects a Recession In 2024, Says “The Weaponization Of The Dollar Has Opened The Window A Little Bit For Gold” (VIDEO) appeared first on The Gateway Pundit.
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