# #356 Chris Whalen: The Fed Can't Fix This

Page: https://stenobird.com/podcast/the-julia-la-roche-show-5842803/356-chris-whalen-the-fed-can-t-fix-this
Text version: https://stenobird.com/podcast/the-julia-la-roche-show-5842803/356-chris-whalen-the-fed-can-t-fix-this.md
Podcast: [The Julia La Roche Show](https://stenobird.com/podcast/the-julia-la-roche-show-5842803)
Published: 2026-04-04T12:00:00+00:00
Episode link: https://podcasters.spotify.com/pod/show/julia-la-roche/episodes/356-Chris-Whalen-The-Fed-Cant-Fix-This-e3hdg1j
Audio file: https://traffic.megaphone.fm/APO2800351927.mp3
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JSON: https://stenobird.com/v1/public/podcasts/the-julia-la-roche-show-5842803/episodes/356-chris-whalen-the-fed-can-t-fix-this
Duration seconds: 2225

## Resource

In this episode of The Wrap, Chris Whalen says this selloff is worse than Liberation Day because it's real economic dislocation — not just a market surprise — driven by the Iran war's devastating knock-on effects on energy, chemicals and global supply chains. He says the Fed should do nothing, because this inflation is caused by war not monetary policy and central banks can't fix a sulfur shortage. But he warns QE is coming anyway — "the question is not if, but when" — because Congress refuses to deal with the deficit and the Fed will eventually be forced to monetize the debt. He's been cutting market exposure, raising cash, and buying physical metals on the dip. On private credit he sees a slow-motion trainwreck with a Lehman moment still possible, and says Washington is going to make it worse by ignoring it. 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 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 01:00 - The Fed should do nothing — you can't fight war inflation with rate hikes 2:39 - Why this inflation is fundamentally different from 2021 3:03 - Powell got it wrong on QE — and Trump totally mishandled the situation 4:12 - The rationale for doing nothing — the dual mandate is the problem 5:12 - Jobs report — 178,000 jobs added, unemployment at 4.3% 8:02 - M2 is expa…

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