#264 Chris Whalen: No Fed Cuts Coming, Silent Subprime Crisis Brewing & Why Gold Still Wins

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7d ago 30:37

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Chris Whalen, chairman of Whalen Global Advisors and author of The Institutional Risk Analyst blog and author of "Inflated: Money, Debt and the American Dream," returns to the show with a monthly update on markets and the economy.

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In this episode, Whalen argues the Fed's easy money era is over, with no rate cuts coming this year and traditional monetary policy failing to help Main Street. He warns of a "silent subprime crisis" brewing in multifamily real estate and sees stagflation ahead - low growth with persistent inflation eating away at real purchasing power. Whalen advocates for gold as protection against currency debasement and explains why recession odds have dropped to 27% despite structural economic challenges from commercial real estate to student loan repayments as pandemic-era programs wind down.

Links:

Twitter/X: https://twitter.com/rcwhalen

Website: https://www.rcwhalen.com/

The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/

Inflated book (2nd edition): https://www.barnesandnoble.com/w/inflated-r-christopher-whalen/1146303673

Timestamps:

00:10 - Introduction of Chris Whalen

02:11 - Big picture market outlook and elevated interest rates

04:30 - No rate cuts coming this year discussion

05:38 - Trump's "big beautiful bill" and Senate dynamics

06:17 - Fed balance sheet reduction and inflation persistence

08:02 - Silent subprime crisis in multifamily real estate

09:13 - Mixed bag stock market outlook explanation

10:42 - Recession probability

13:20 - Real estate opportunities and putting deals together

14:04 - Jay Gould and Jim Fisk arbitrage between gold and paper

16:57 - Fed's 2% inflation policy and its impact on savers

18:20 - Gold as anti-dollar hedge discussion

19:38 - Fall of fiat and return to sound money debate

21:00 - Why dropping rates no longer stimulates Main Street

22:13 - Chris's proposal to freeze government spending

24:11 - Banking system fluff and lack of credit demand

25:46 - Real vs nominal growth and stagflation

27:43 - Fannie Mae and Freddie Mac conservatorship discussion

30:00 - Closing thoughts and where to find Chris's work

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