I called Steve Hanke on the afternoon of July 14, days after he’d flagged something he called a dual bubble forming in AI markets, and one day after IBM suffered the worst single-day stock crash in its 115-year history. The “money doctor” has been advising governments—including the Treasury Department and the White House—for decades and often writes as a senior contributing columnist for Fortune. He demurred on the mechanics of IBM’s stock, saying he doesn’t follow it closely, but he did say it fit into a large macroeconomic theme.
“Did you see the bank earnings?” he asked me with astonishment.
