New Financial Crisis For Americans

In a surprising turn of events, economist and market expert Mark Yusko is warning Americans that the United States is likely already in a recession.

Yusko also explained that government spending and the excess money which has already been printed is what has caused the inflation today.

In transcript provided by Fox, Yusko explained, “The Fed is in a box. They are powerless against the two things that they fear most. One, inflation. They created the inflation. Government spending and money printing created the inflation. It’s really not inflation like we think of inflation from the 70s. That’s demand pull. This is simply currency debouchment currency devaluation. That’s why prices are rising. So technically, Dagen, they’re right. We’re not going to cause a recession because we’re probably already in the recession.“

He further explained, “We’re probably already feeling the after-effects of too much stimulus, too much partying and the hangover is set to come in. And I think the first-quarter GDP number is going to be close to zero. We’re likely to see a retrenchment in activity, and we’re probably going to have some tough times, particularly if they take liquidity punchbowl away and try to raise rates. I will take the under on that by the way. Everyone’s talking about all these rate hikes. If we get three this year, it’ll be a miracle.”