The Julia La Roche Show · Saturday, June 27, 2026
Chris Whalen posits that nations typically fund wars through inflation, as direct taxation is insufficient, citing Russia's economic situation under Vladimir Putin as a disaster that will set the country back decades. He reiterates the link between geopolitical instability, particularly in the energy sector due to Iranian actions, and sustained higher inflation.
“Look, no nation can afford war. One of the constants in human history has been that usually when the king or a government decides to go to war, they have to use inflation. It's the only way they can do it. They can't tax enough.”
“You see this in Russia with Vladimir Putin. What he's done to that country is a disaster. Russia's going to be set back decades, if not more.”
“So I don't see how we get lower inflation until we address this.”