A Conversation with Economist Steve Hanke | Is America Headed for a Whopping Recession in 2023? | Russia: Reviewing the Effectiveness of US and EU Sanctions on Moscow — Are Sanctions Really Hurting the Russian Economy?
September 11th, 2022
29 mins 39 secs
About this Episode
Join America's Roundtable Radio co-hosts Natasha Srdoc and Joel Anand Samy in a recent conversation with Steve H. Hanke, a professor of applied economics and founder and co-director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at the Johns Hopkins University in Baltimore. Steve Hanke is a leading world expert on currency boards, measuring and stopping hyperinflation, privatization, currency and commodity trading, water resource economics, and other topics.
The conversation with Professor Hanke will provide listeners with an update on the U.S. economy and the impact of inflation and how government policies affect families and the private sector, specifically small and medium size businesses.
Will the Fed's interest rate hikes lead to a soft-landing or a major recession in 2023?
On America's Roundtable Radio, Professor Hanke will highlight his economic predictions for 2023. His predictions for 2022 on the inflation rate was right on target, a warning he and his colleague John Greenwood relayed through a commentary in The Wall Street Journal a year ago titled "Too Much Money Portends High Inflation — The Fed should pay attention to Milton Friedman’s wisdom."
How Effective are Sanctions on Russia?
The discussion will also examine U.S. and European Union sanctions imposed on Russia. This past week we found out that with energy prices up, Moscow is reaping significant financial gains through the sale of oil and gas. A recent Wall Street Journal report stated that through July 2022, Moscow has totaled $97 billion from oil and gas sales, earning $5.4 billion more per month than last year's monthly average. Russia is actually pumping almost as much oil into the global market as it did before prior to the conflict with Ukraine.
US Assistance to Ukraine Rises to $60 Billion — While the European Union's Contribution Amounts to $10 Billion Only
The Biden Administration along with Democrat and Republican members of Congress have authorized over $60 billion in US taxpayer funds to support Ukraine's military and provide assistance to Europe's NATO members. However, the EU comprised of 27 member states in Europe has only provided 10 billion euros (USD$10 billion) since the beginning of the war.
As a leading world expert on currency boards, measuring and stopping hyperinflation, currency and commodity trading, Dr. Hanke will relay his thoughts on the US and Euro currencies and the currency board that he developed for a number of countries around the world.
His recent commentary in The Wall Street Journal titled "Floating Exchange Rates Add to Economic Uncertainty” raised important points. The discussion with Professor Hanke on Saturday morning will focus on the perils of instability which brings problems for the U.S. and Europe—and serious crises to developing nations.
Importantly, the conversation will highlight the significance of advancing principled pro-growth policies for America.
Recent statements by Professor Steve Hanke:
“We will have a recession because we’ve had five months of zero M2 growth, money supply growth, and the Fed isn’t even looking at it."
"The bottom line is we’re going to have stagflation — we’re going to have the inflation because of this excess that’s now coming into the system.”
“The problem we have is that the [Fed Chair Jerome Powell] does not understand, even at this point, what the causes of inflation are and were. He’s still going on about supply-side glitches. He has failed to tell us that inflation is always caused by excess growth in the money supply, turning the printing presses on.”
Steve Hanke is a leading world expert on currency boards, measuring and stopping hyperinflation, privatization, currency and commodity trading, water resource economics, and other topics.
A professor of environmental health and engineering, Hanke is co-founder and co-director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise, an interdivisional Institute between the Krieger School of Arts and Sciences and the Whiting School of Engineering. The institute’s extensive research and publishing focus on applied economics and finance, business history, and public health.
Recognized globally for his expertise, Hanke advises a number of public and private institutions. He is a senior advisor at the Renmin University of China’s International Monetary Research Institute in Beijing and special counselor to the Center for Financial Stability in New York. A member of the Charter Council of the Society of Economic Measurement and of Euromoney Country Risk’s Experts Panel, he also served on the Governor’s Council of Economic Advisers in Maryland in 1976-77 and as a Senior Advisor to the Joint Economic Committee of the U.S. Congress in 1984-88.
As a senior economist on President Reagan’s Council of Economic Advisers, he led a team of economists in re-writing the federal government’s Principles and Guidelines for Water and Land Related Resources Implementation Studies. In addition, he was responsible for designing Reagan’s major privatization initiatives. A faculty member of the JHU Global Water Institute, Hanke remains a sought-after expert on municipal water system privatization.
His international appointments also include state counselor to both the Republic of Lithuania in 1994-96 and the Republic of Montenegro in 1999-2003. He advised the presidents of Bulgaria (1997-2002), Venezuela (1995-96), and Indonesia (1998). He played an important role in establishing new currency regimes in Argentina, Estonia, Bulgaria, Bosnia-Herzegovina, Ecuador, Lithuania, and Montenegro. Hanke has also held senior appointments in the governments of many other countries, including Albania, Kazakhstan, the United Arab Emirates, and Yugoslavia.
A well-known currency and commodity trader, Hanke is chairman of the Supervisory Board of Advanced Metallurgical Group N.V. in Amsterdam and chairman emeritus of the Friedberg Mercantile Group, Inc. in Toronto. During the 1990s, he served as president of Toronto Trust Argentina in Buenos Aires, the world’s best-performing emerging market mutual fund in 1995.
Hanke serves as a contributing editor at Central Banking, The International Economy, and The Independent Review. Hanke also serves on the editorial boards of numerous scholarly journals.
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