The David Lin Report, Released on 5/23/25 (Recorded on 5/22/25)

Steve Hanke, Professor of Applied Economics at Johns Hopkins University, discusses his recession warning for late 2025, the bond market surge driven by regime uncertainty, and why the Fed’s focus on interest rates over money supply is fueling economic instability.

0:00 – Intro
0:58 – Bond markets
5:20 – Regime uncertainty
11:40 – Economic slowdown
13:20 – Trump’s Gulf deals
16:18 – Money supply
21:36 – Consumer behavior
23:12 – Tariffs
29:13 – Fed policy and bonds
39:00 – Deficit crisis and spending
47:28 – China

Steve Hanke is an American applied economist at the Johns Hopkins University in Baltimore, Maryland. He is also a senior fellow and director of the Troubled Currencies Project at the libertarian Cato Institute in Washington, DC, and co-director of the Johns Hopkins University’s Institute for Applied Economics, Global Health, and the Study of Business Enterprise in Baltimore, Maryland. Hanke is known for his work as a currency reformer in emerging-market countries. He was a senior economist with President Ronald Reagan’s Council of Economic Advisers from 1981 to 1982, and has served as an adviser to heads of state in countries throughout Asia, South America, Europe, and the Middle East. He is also known for his work on currency boards, dollarization, hyperinflation, water pricing and demand, benefit-cost analysis, privatization, and other topics in applied economics. Hanke has written extensively as a columnist for Forbes magazine and other publications. He is also a currency and commodity trader. His latest book is Capital, Interest, and Waiting: Controversies, Puzzles, and New Additions to Capital Theory.

  economy, stocks, tariffs