Wall Street believes the inflation problem is solved, rate cuts are imminent, and the AI productivity boom will continue to drive equities to record highs. Johns Hopkins Professor of Applied Economics Steve Hanke says they are looking at the wrong data, and investors who follow the mainstream consensus are walking into a trap.
In this interview with Jeremy Szafron, Professor Hanke breaks down why the current market calm is an illusion. He completely dismantles the narrative that the Middle East conflict and oil prices are the primary drivers of inflation. Instead, he points to the true elephant in the room: commercial bank lending. With bank credit expanding at nearly 7 percent, Hanke warns that a resurgence of sticky inflation is already baked into the economy, regardless of what the Federal Reserve does next.
Hanke also takes aim at the Silicon Valley tech elite and the narrative that Artificial Intelligence will trigger a massive deflationary boom. He calls the AI productivity thesis pure hype and warns that tech billionaires pushing for Universal Basic Income are actually peddling a socialist agenda to protect their massive valuations.
For precious metals investors, Hanke delivers a definitive outlook. He explains why the recent pullback in gold and silver was simply a shakeout of weak hands, confirming that the secular bull market is fully intact. Hanke lays out his case for a 7000 gold price target and reveals his exact HALO strategy Heavy Assets Low Obsolescence for navigating the coming commodity supercycle. Finally, he issues a stark warning to dump long term bonds and completely dismisses Bitcoin as a speculative asset with zero fundamental value.
Recorded April 23 2026
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Key Takeaways:
-The Real Inflation Threat: Commercial banks produce roughly 80 percent of the broad money supply. Accelerated bank lending guarantees higher inflation.
-The 7000 Gold Target: The secular bull market in precious metals is intact, with options markets supporting a run to a 6000 or 7000 peak.
-The HALO Strategy: Geopolitical fears are sparking a massive run on critical materials and HALO assets, creating a new supercycle.
-The AI Illusion: The Silicon Valley narrative that AI will save the economy from inflation is completely disconnected from monetary reality.
-The End of Bonds: The longest bull market in history for bonds is officially dead, making long term bonds a dangerous hold.
Chapters:
00:00 Calm Markets Big Risks
01:17 Bank Lending Fuels Inflation
04:19 Oil Prices vs Money Supply
10:55 Fed Blind Spot on Money
16:36 Gold Bull Case 6K to 7K
18:56 Commodity Supercycle and Hoarding
23:24 AI Productivity Disinflation Debate
33:09 Bonds Outlook and Hard Assets
34:56 Miners vs Physical Metals
38:32 Bitcoin and Final Takeaways
42:33 Wrap Up and Subscribe
#Gold #Inflation #SteveHanke #Investing #Commodities
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33 Comments
I don't care if it goes to ten thousand dollars. Just showing how worthless the dollar is
I agree with “ hanky panky”,inflation is unstable mostly everything is being manipulated ( to make everything look wonderful). But banks are in trouble, rates may continue higher demanded by the bond market. It sure is crazy times but in the end only “ real” money will prevail. At least we get a very serious face with the news.
Billions of taxpayers’ money is being destroyed in the Middle East.
Americans losing jobs, living in cars or tents.
Republicans tired of all their MAGA winning yet?
Amin🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻
Looks like kranky old Hanke is losing it
Seems like gold will go much higher than that but really who knows
Llano meteré pro alos bancos 7 porsoemto esina barbaridad deoro qe meqitan
These guys won't let me work
Pack the happy thirsty banks
Bastante acaba de llegar
the jews are usa bankers thats why theres so much trouble all over the world ,, easy way to fix that,,,,,,,,,,, crypto will fuk off the bankers ,, then the world can live again,,,,,,,, jews bank the world so no wonder there is war,,ffs…………. 1 way to fix all that……………………………
talks about 5o years ago ,,its 2026 ffs,,, alot of the old dudes are lost……………
Should be 22k
Another smart guy relying of false, manipulated government and corporate data…how does anyone of this caliber still believe the corporate earnings data?
When outfits like this start telling you gold is going up; you know for certain that it will go down.
LMFAO. There is no defense or reason to confound two different types of inflation.
Zoom out and disregard the BS publicized basket number.
Price inflation is tied to the high price of oil and we are chained to world markets that favor the oily-garchy not the tax payer like you and me.
We haven't seen anything yet.
Wait until CBDC'S are introduced in 2028. With expiration dates…………
It is well known how much you parasites have put up with.
Yeah and Y2K 15 days to slow the spread these people are so full of crap
Definitle right, Bullish on Gold, inflation hedge, INFLATION IS HERE TO STAY….
entire economy is built on lies and corruption
Evil Musk talking about universal income however, he doesn't even want to pay taxes 😂😂😂
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Always very interesting. Thanks
Thank you good to see this channel 👍 once again
But doesn't a low feds fund rate encourage commercial bank lending which in turn creates more Fiat?
Great show! Thank you
Like the callous on scumbag socialist propaganda, yep 👍🏼
All crap, cant even crawl towards 5000!
Tungsten
China is the dominant global supplier of tungsten, producing over 80% of the world's supply, followed by Russia, Vietnam, Bolivia, and Rwanda.
Military weapons and rocket engines.
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AI hype lol
How in the NAME OF FUCK, people's like that guy on ABC or otever TV 📺 station was – Yes AI will be chiper – HELLO 👋 IDIOTAS when WE THE PEOPLE ARE BROKE, with no job's, with no money – who the FUCK WILL BE ABLE TO BUY YOU CACA PRODUCT ? 🤔🤔🤔🤑😳🥵 ?