The United States is in a war right now and unfortunately, "we've weaponized the dollar-based financial system," says Steve Hanke, Applied Economics professor at Johns Hopkins University and former Senior Economist on President Reagan’s Council of Economic Advisers. "This is not a free lunch," when you impose sanctions on other nations, he says to our Daniela Cambone. Hanke asserts that Chairman Powell has failed to recognize that at the beginning of the Covid-19 pandemic, "money supply measured by the Fed has gone up over 41%." Hanke describes the current crisis the Fed is dealing with as a, "monetary bathtub overflowing," seeping out into the economy as a main contributor of inflation. He concludes that the Fed's actions are, "too little and too late," and are also flying blind because, "they are not looking at the money supply."
