Recession risk, sanctions blowback, and gold’s unshakable role in the global monetary system – Steve Hanke joins Jeremy Szafron to explain why M2 money supply is shrinking, how sanctions are eroding trust in the U.S. dollar, and why gold remains the real reserve asset in 2025. We cover dedollarization, BRICS ambitions, U.S. debt, tariffs, and why China’s deflation could ripple through commodities and global markets.
Key topics:
-M2 money supply lower than 2.5 years ago — why slow money growth threatens markets
-Sanctions and unintended consequences for dollar dominance
-Gold’s enduring role as the world’s reserve asset
-U.S. debt trajectory, tariffs, and fiscal risk
-BRICS currency ambitions and dedollarization
-Post-2008 bank regulation and credit creation limits
-Fed independence and money supply targeting
-China’s deflation, commodity demand, and copper outlook
-2025 market outlook: recession probability and positioning
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00:00 Introduction
01:12 Analyzing the US-Russia Meeting
04:13 Impact of Sanctions and Economic Shifts
07:08 Weaponization of the US Dollar
08:21 Sanctions: Historical Context and Consequences
13:24 Currency Boards and Gold as an Anchor
16:04 Global Currency Dynamics and the Dollar’s Dominance
19:59 US Treasury Policies and Gold Reevaluation
31:46 Monetary Policy and Inflation Outlook
34:15 Current State of Money Supply and Economic Outlook
35:06 Impact of Trump’s Policies on the Economy
35:28 Regime Uncertainty and Its Historical Parallel
36:30 Investment Slowdown in the US and Canada
38:17 Tariffs and Their Economic Consequences
39:43 Misconceptions About Tariffs and Taxes
41:34 Role of Commercial Banks in Money Supply
50:45 China’s Economic Influence on Global Commodities
59:00 Gold and Central Bank Strategies
#Gold #Recession #SteveHanke #Dedollarization #BRICS
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