In this week's episode, Dan welcomes back four-time Stansberry Investor Hour veteran Marko Papic.

Currently, the geopolitics and macroeconomics specialist serves as a partner and the chief strategist of asset manager Clocktower Group. Before that, Marko was the senior vice president and chief strategist on geopolitical strategy at global investment research firm BCA Research for nearly a decade. He has also worked at Stratfor, one of the world's top geopolitical-intelligence platforms.

Marko last joined us in late January, shortly before the Russia-Ukraine war exploded. Today, he's turning his attention to someone "much more relevant and powerful than Vlad[imir Putin]"... chairman of the U.S. Federal Reserve, Jerome Powell.

We realize the topic of our central bank's next steps might seem worn out. After all, it has been splashed across the top news headlines daily for most of 2022. But the Fed's actions are massively influencing the global financial system right now. As Marko says...

Literally everything that is going on in the world is kind of irrelevant if J. Powell continues to be very hawkish.

When the Fed decides it has had enough, everything else can start mattering again. Until then, it's really just all about them.

Marko explains the Fed setup that could set off "the most calamitous recession in the history of the United States," and he shares his preferred indicators for a recession.

He also discusses the Paul Volcker versus Arthur Burns debate... two former Fed chairmen who defined their careers by tackling inflation. Will Powell follow in Burns' dovish footsteps or take a more uncompromising stance like Volcker did?

Finally, Marko highlights a future threat to the markets: the 2024 presidential election. As for which side he's on, he elicits some chuckles from Dan with his candor...

I don't care, right or left... I bathe myself in nihilist indifference. My job is to forecast. It doesn't matter.