Episode
#353 Chris Whalen: The Economic Damage Will Become Impossible to Ignore
- Podcast
- The Julia La Roche Show
- Published
- Mar 28, 2026
- Duration seconds
- 1999
- Processing state
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Summary
In this episode of The Wrap, Chris Whalen says stagflation is now the base case — the Iran war has already cost American investors trillions in reduced investment value, Treasury auctions are weak, and mortgage rates are heading toward 7% if the 10-year hits 5%. Despite all of this, he still calls for a Fed cut in April, arguing the inflation is caused by war not monetary policy, and the Fed's real mandate is employment. He says we're heading toward a medium to long-term reset in risk premia, equities are out and debt is in, and that a recession by 2028 — "misery on the eights" — is becoming a near certainty. He's adding to gold and silver on the dip and if Annaly goes down he's buying more. Thank you to our partners at Goldco. Get your free 2026 Gold & Silver Kit at https://goldco.com/thewrap Links: The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/ The Wrap: https://www.theinstitutionalriskanalyst.com/post/theira826 Inflated book (2nd edition): https://www.barnesandnoble.com/w/inflated-r-christopher-whalen/1146303673 Twitter/X: https://twitter.com/rcwhalen Website: https://www.rcwhalen.com/ Use the code TheWrap2026 for 25% off your first year of The Institutional Risk Analyst https://www.theinstitutionalriskanalyst.com/plans-pricing Timestamps: 0:00 - Intro and welcome Chris 0:47 - The Iran war and long-term damage to the global economy 2:18 - Are we headed toward more inflation? 2:41 - The term structure of interest rates is blowing out — here's why 4:02 - Making the case for a Fed cut despite $100 oil 4:26 - Stagflation is ahead 5:30 - The Fed's real mandate is employment — that's what forces the cut 6:40 - Whalen calls for a rate cut in April 7:51 - What difference would a cut actually make? 8:19 - Bonds are behaving like eq…