2024 Economic Forecast: Recession Predicted, Global Threats Identified

In an op-ed, Hanke and Greenwood disagree with Mickey Levy's embrace of the Taylor Rule and argue that the Federal Reserve's monetary stance is too tight, citing the contraction of the money supply (M2) by 4.5% since March 2022. They advocate for a Friedmanesque, quantity-theory-of-money perspective, emphasizing that monetary policy should focus on the growth in the quantity of money rather than interest rates, and predict a recession in 2024.