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User Profile: FollowClick to Follow steve_hankeSteve Hanke@steve_hankeEconomist @JohnsHopkins | Sr Fellow & Director #TroubledCurrencies Project @CatoInstitute | @NRO | FX & Commodity Trader | Reagan White House | Views are my ownBaltimore & October 20126,769 Following516.9K Followers

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Steve Hanke@steve_hanke Aug 2The "Crypto Bros" are attempting to spin straw into gold. Incapable of being chastened or called to account, the industry has fashioned a counter-narrative where its manifest failures are merely growing pains. WISHFUL THINKING! FANTASY! My new @NRO article:nationalreview.comWhat s Next for Crypto, Winter or Extinction?When presented with forecasts of a crypto winter and eventual return, practical people should be skeptical.123086

Steve Hanke@steve_hanke 1hHANKE'S BELIEVE IT OR NOT! Pres. Biden's spin machine is singing his praises for bringing down gas prices. SPOILER ALERT: Due to Pres. Biden's economic mismanagement and ill-advised green energy policies, gas prices have gone up 76.5% during his presidency.21250

Steve Hanke@steve_hanke 2hFLASH: Another oil storage tank exploded at a Cuban oil facility in Matanzas. The fire has been active since Friday and has shown no signs of slowing down. At least 125 people have been injured so far. Take a look:0:29286.3K viewsFrom Leoxander41638

Steve Hanke@steve_hanke 2hThe Dutch farmers' protests continue. This time, it is in the city of Groningen. Dutch farmers are fed up with the government's ill-conceived green policies. There's no such thing as a GREEN FREE LUNCH.0:1982.6K viewsFrom RadioGenova11063

Steve Hanke@steve_hanke 3hSince hitting an all-time low of 177.26 RUB/USD on March 7, the Russian ruble has surged 189% against the USD. Governor Elvira Nabiullina and the ruble are weathering the sanctions storm. During the same period, the Ukrainian hryvnia has lost 17% of its value against the USD.102461

Steve Hanke@steve_hanke 3hHANKE S BELIEVE IT OR NOT! Speaker Pelosi said she s always felt a connection to China because when she was a little girl, her parents told her if she kept digging a hole at the beach eventually, she d reach China. Geopolitics has to start somewhere.0:092.7M viewsFrom alex82170

Steve Hanke@steve_hanke 4h"The Government is like a baby s alimentary canal, with a happy appetite at one end and no responsibility at the other." Ronald Reagan438121

Steve Hanke@steve_hanke 5hThe UK is in the grips of an energy crisis. So, the British pound is taking a pounding. The UBS Group predicts the GBP will fall to its 2nd-lowest level EVER against the USD in Q4. The Brits war w/ Russia is taking a heavy toll on the Brits & their pound.zerohedge.comUK Gas Crisis Set To Plunge British Pound To Historic Lows, UBS Warns"Huge swathes of the British public aren't going to be able to afford their bills this winter. Average families with two working parents will be in fuel poverty,"52248

Steve Hanke@steve_hanke 5hThe Zimbabwean dollar has depreciated against the USD by 97.61% since Jan. 2020, which is why #Zimbabwe is in 2nd place in this week's Hanke s #CurrencyWatchlist. To stop its economic death spiral, Zimbabwe must dump Zim dollar & the Reserve Bank, and officially adopt the USD.71628

Steve Hanke@steve_hanke 6hThe Fed FLYS BLIND without the money supply on its altimeter. Now, Americans are pay the price a roaring 9.1%/yr inflation rate.31550

Steve Hanke@steve_hanke 6hThe FT s examination of China's Belt & Road Initiative uncovered a MOUNTAIN of useless loans. Pres Xi's project of the century faces a tidal wave of defaults. The BRI turned out to be a recipe for vanity projects, white elephants, debt traps & corruption.ft.comChina reckons with its first overseas debt crisisThe Belt and Road Initiative has seen a surge in loans going bad, prompting Beijing to issue countries with emergency credit91860

Steve Hanke@steve_hanke 6hIn this week's inflation table, #Zimbabwe takes the 1st place. On August 4, I measured Zimbabwe's #inflation at 595%/yr. To put an end to its economic death spiral, Zim must mothball the Reserve Bank and put it in a museum.32045

Steve Hanke@steve_hanke 7hSupport for Russian sanctions is on THIN ICE in France. According to an Elabe poll, ONLY 10% of French voters view the war in Ukraine as a priority. Come winter, as heating bills soar, French support for sanctions on Russia will be as scarce as hen s teeth.wsj.comFrance s Macron Poised to Win Passage of Measures to Fight InflationApproval of a package to help bolster household finances would come as a boost for the French president as the country copes with soaring consumer prices stemming in part from Russia s war of...52770

Steve Hanke@steve_hanke 7h#Venezuela's economic death spiral just keeps spinning. As usual, VNZ takes the first spot in this week's Hanke s #CurrencyWatchlist. The bolivar has depreciated against the USD by 99.17% since Jan 2020. Official dollarization is VNZ's only hope.1827

Steve Hanke@steve_hanke 8hBuried in veteran NYT columnist Thomas Friedman's piece on Speaker Pelosi's trip to Taiwan is a scoop about Ukraine. "There is a deep mistrust between the White House and Ukraine Pres. Zelensky -- considerably more than has been reported."nytimes.comOpinion | Why Pelosi s Visit to Taiwan Is Utterly RecklessThe timing could not be worse. The Ukraine war is not over.31756

Steve Hanke@steve_hanke 8h#SriLanka is in 3rd place in this week's inflation roundup. On August 4, I measured LKA's #inflation at a stunning 115%/yr. LKA needs to mothball the Central Bank and install a #CurrencyBoard. Ceylon (Sri Lanka) had one from 1884 until 1950. It worked like a charm.22343

Steve Hanke@steve_hanke 9hThe Netherlands' green energy crusade shows NO MERCY. The government is shutting down farms left and right in order to achieve its fanatical plan to cut nitrogen emissions IN HALF. If you want to see GREEN MADNESS in action, visit Holland.ft.comDutch farmers in uproar over plans to curb animal numbers to cut nitrogen emissionsNetherlands seeks drastic solution as pollution breaches legal limits1674143

Steve Hanke@steve_hanke 9h#SriLanka's economic death spiral just keeps spinning. In this week's Hanke s #CurrencyWatchlist, LKA is in 9th place. Since Jan 2020, the rupee has depreciated against the USD by 53.40%. To save the rupee, LKA needs to mothball its Central Bank and install a #CurrencyBoard, now.31841

Steve Hanke@steve_hanke 10h#EconWatch: According to Gallup, Americans are most concerned about inflation and least worried about the Ukraine s war with Russia. That suggests that the wild spending on and blank check for Ukraine s war efforts will come to an end.72452

Steve Hanke@steve_hanke 10h#Ghana takes the 10th place in this week's inflation table. On August 4, I measured Ghana's #inflation at a stunning 58%/yr-almost 2x the official inflation rate of 30%/yr. Ghana must mothball its central bank and install a #CurrencyBoard.84282

Steve Hanke@steve_hanke 11hBy my calculations, the Ghanaian #cedi has depreciated 34.17% against the USD since Jan. 2020, which is why #Ghana is in 15th place in this week's Hanke s #CurrencyWatchlist. To save the cedi, Ghana must mothball its central bank and install a #CurrencyBoard.13550

Steve Hanke@steve_hanke 12hPres. Putin & Pres. Erdogan met in Sochi on Friday. Sanctions workarounds that benefit Russia & Turkey were on the table. A broad-ranging deal was cut. TUR agreed to partially pay for RUS nat gas in rubles via RUS' Mir payment system. GOOD FOR Banks Are Adopting Russian Payments System, Erdogan SaysFive Turkish banks have adopted Russia s Mir payments system, Turkey s President Recep Tayyip Erdogan said on his return from talks with President Vladimir Putin in the Black Sea resort of Sochi.540106

Steve Hanke@steve_hanke 12h#SierraLeone's currency redenomination will do nothing to stop SLE's economic death spiral. Sierra Leone takes the 14th place in this week's inflation roundup. On Aug 4, I measured #inflation in SLE at a stunning 49%/yr.51736

Steve Hanke@steve_hanke 20hHistory repeats itself. Argentina is grappling with yet another economic crisis. Pres Fernandez has been financing his spending sprees w/ the printing press. No wonder the peso has lost 74% of its value against the USD since Jan 2020. Absent official dollarization, ARG is doomed!34276722

Steve Hanke@steve_hanke 20hUS inflation has hit a 41-yr-high of 9.1%/yr. If that wasn't enough, the US has declared monkeypox a public health emergency. Over 7k US cases have been reported. More confirmation of my School Boys Theory of History: It s just one damn thing after another.cbsnews.comOver 7,000 Monkeypox cases reported in U.S.With cases of monkeypox rising across the U.S., the White House deemed the outbreak a public health emergency. CBS News medical contributor Dr. David Agus answers questions regarding the current...41953

Steve Hanke@steve_hanke 21hIn #Argentina, the U.S. dollar is king. All big purchases - land, houses, cars - are done with stacks of greenbacks. Today, I accurately measure inflation at 77%/yr. The only way to end Argentina s anguish is to OFFICIALLY DOLLARIZATION, NOW.nytimes.comThink 9% Inflation Is Bad? Try 90%.With the world grappling with rising prices, a tour through Argentina reveals that years of inflation can give rise to a truly bizarre economy.771240

Steve Hanke@steve_hanke Aug 7Today, Gustavo Petro became Colombia's first leftist president. Petro's anti-oil, anti-mining, anti-capitalist agenda is going to put an already fragile economy into a rat hole. It s the same rat hole neighboring Venezuela went down.reuters.comLeftist Petro takes office in Colombia amid economic, social challengesGustavo Petro will on Sunday become Colombia's first leftist president, elected by voters who hope he can carry out ambitious social and economic reforms meant to reduce violence and deep inequality...1232101

Steve Hanke@steve_hanke Aug 7"The government solution to a problem is usually as bad as the problem." Milton Friedman20173722

Steve Hanke@steve_hanke Aug 7The Communist regime in #Cuba has pushed the country into an economic death spiral. This week Cuba devalued it s currency, and inflation continued to soar. Cuba takes the 4th place. On August 4, I measured Cuba's #inflation at a stunning 94%/yr.1492201

Steve Hanke@steve_hanke Aug 7The Chinese gov t imposed a lockdown in Sanya, a popular tourist destination, leaving 80,000 tourists stranded. In order for people to leave, they have to test negative 5 TIMES OVER 7 DAYS. This is the COMMUNIST WAY.apnews.comThousands stranded in China resort city amid COVID lockdownBEIJING (AP) Some 80,000 tourists are stranded in the southern Chinese beach resort of Sanya, after authorities declared it a COVID-19 hot spot and imposed a lockdown. The restrictions came into...113767

Steve Hanke@steve_hanke Aug 7The Iranian rial has depreciated against the USD by 57.58% since Jan 2020, which is why #Iran takes the 8th place in this week's Hanke s #CurrencyWatchlist. The rial is a central bank junk currency.24566

Steve Hanke@steve_hanke Aug 7Pres. Biden led the US economy into 2 consecutive quarters of negative GDP growth. Now Biden is stupidly putting the spotlight on this slowdown by debating whether this slowdown constitutes a recession.233109

Steve Hanke@steve_hanke Aug 7The socialist regimes of Hugo Ch vez and Nicol s Maduro have pushed #Venezuela into an economic death spiral. In this week's inflation roundup, VNZ takes the 8th spot. On Aug 4, I measured Venezuela's inflation at 54%/yr. VNZ must officially dollarize, now.960116

Steve Hanke@steve_hanke Aug 7South Africa's state-owned power utility Eskom will EXTEND its scheduled blackouts due to lack of generating capacity. The South Africans have been at this rodeo before. It s time to privatize. It s time to turn the lights Africa s Eskom Extends Scheduled Power Cuts to WeekendSouth Africa s state-owned power utility Eskom Holdings SOC Ltd. will continue rolling blackouts over the weekend due to a continued shortage of generation capacity.21245

Steve Hanke@steve_hanke Aug 7The Nigerian naira is yet another central bank junk currency. In this week Hanke s #CurrencyWatchlist, #Nigeria takes the 10th place. The naira has depreciated against the USD by 48.87% since Jan 2020. As Pres. Buhari sleeps, NGA's economic death spiral continues to spin.42248

Steve Hanke@steve_hanke Aug 7A massive oil-fed fire at a fuel storage port in Cuba ignited on Saturday. At least 121 people are injured, and 1000 people have been evacuated so far. Take a look:0:20129.2K viewsFrom NEXTA643124

Steve Hanke@steve_hanke Aug 7Under the Taliban's reign, Afghan women face a bleak future. According to @SIGARHQ, less than 100 of the 700 female journalists are still employed, following the Taliban s takeover of AFG. AFG ranks LAST out of 146 countries in the Global Gender Gap Index.cbsnews.comNew report on Afghanistan reconstruction shows bleak outlook for womenA quarterly report released by the special inspector general for Afghanistan finds women's rights there have deteriorated to 1990s levels.21230

Steve Hanke@steve_hanke Aug 7Due to thefts by organized criminal groups, miners in #Mexico are losing up to 30% of their production. Who s to blame? REALITY CHECK: AMLO's "hugs, no bullets" policy. 732

Steve Hanke@steve_hanke Aug 7The recent redenomination of the leone in #SierraLeone will do nothing to solve corruption & persistent inflation in SLE. In this week's Hanke s #CurrencyWatchlist, SLE takes the 17th place. The leone has depreciated against the USD by 30% since Jan 1, 2020.11332

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