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Via Schiff Gold,

Last week, Peter debated Steve Hanke, professor of economics at Johns Hopkins University, on inflation, the debt crisis, and the future of the dollar. David Lin hosted the debate on The David Lin Report and provided moderation for the event. While Peter and Hanke have their disagreements, both ultimately agree that the United States is in rough fiscal and monetary shape, and terrible monetary policy played a key role in getting it there.

The debate gets off to a fiery start when Peter and Hanke clash on inflation. First, Peter explains the crux of the problem:

The two argue about how to define inflation:

Peter claims the only way out of the current crisis is for the Fed to lean in even more to taxation via inflation:

Hanke stresses that inflation comes solely from monetary policy, while Peter emphasizes that fiscal and monetary policy are intertwined:

Hanke skewers the political class for deflecting the blame for inflation:

Peter thinks it’s too late to stave off a recession, and Americans can feel it: