Most central banks are moving aggressively to neutralize runaway inflation, a “bogey” world leaders must eliminate. As Michael Howell points out, though, “Other world economies are already in recession," and the U.S. will quickly follow suit. In conversation with Jared Dillian, editor of The Daily Dirtnap, Howell, the CEO of Crossborder Capital, paints a bleak picture. “The next six months are going to be pretty ugly” as liquidity conditions continue to deteriorate and economic data continue to disappoint. Michael and Jared also talk about why Federal Reserve policy probably won't change much until early 2023, what's made the Japanese yen weaken so drastically, and how the European Central Bank’s recent moves reintroduce “fragmentation” risk for the European Union. Recorded on June 13, 2022.