FROM THE RECORD · 4 matching entries · 2019-12-19 to 2022-06-16
What does the record say about inflation?
Selected points from existing editorial summaries and source excerpts. This covers the material on this page.
1
Druckenmiller cites $30 trillion in global QE and $18 trillion negative-yielding debt before 8% inflation. [1]
Read the supporting quotation · René Sellmann · 2022-06-16
“I think globally we had 30,000,000,000,000 of QE. Even as late as, I think a year ago, was 18,000,000,000,000 of debt that was still negative yielding when the world was about to experience 8% inflation.”
FROM THE RECORD · 6 matching entries · 2019-12-19 to 2022-06-16
What does the record say about interest rates?
Selected points from existing editorial summaries and source excerpts. This covers the material on this page.
1
Druckenmiller says current Fed funds rate of 1.5% is absurd given economic conditions; appropriate level would be 3.5%. [1]
Read the supporting quotation · Bloomberg Television · 2020-01-06
“If I came down from Mars and you showed me the the broad landscape and asked me where Fed funds would be, probably would guess three and a half, somewhere in there.”
Druckenmiller says core PCE was 1.5% when Greenspan raised rates from 4.75%, now it's 1.7% at 1.5% Fed funds. [2]
Read the supporting quotation · Bloomberg Television · 2019-12-19
“I look back and the core PCE was one and a half in '98 and '99 when Greenspan started raising rates again from 475 is currently one seven and he's got them at 1.5.”
Druckenmiller notes $18 trillion in negative-yielding debt existed a year ago despite imminent 8% inflation. [3]
Read the supporting quotation · René Sellmann · 2022-06-16
“Even as late as, I think a year ago, was 18,000,000,000,000 of debt that was still negative yielding when the world was about to experience 8% inflation. It's pretty extraordinary.”
FROM THE RECORD · 12 matching entries · 2019-12-19 to 2023-06-07
What does the record say about fed policy?
Selected points from existing editorial summaries and source excerpts. This covers the material on this page.
1
Druckenmiller says current Fed funds rate of 1.5% is absurd given economic conditions; appropriate level would be 3.5%. [1]
Read the supporting quotation · Bloomberg Television · 2020-01-06
“If I came down from Mars and you showed me the the broad landscape and asked me where Fed funds would be, probably would guess three and a half, somewhere in there.”
Druckenmiller cites $30 trillion in global QE and $18 trillion negative-yielding debt before 8% inflation. [2]
Read the supporting quotation · René Sellmann · 2022-06-16
“I think globally we had 30,000,000,000,000 of QE. Even as late as, I think a year ago, was 18,000,000,000,000 of debt that was still negative yielding when the world was about to experience 8% inflation.”
FROM THE RECORD · 6 matching entries · 2019-12-19 to 2020-01-06
What does the record say about capitalism?
Selected points from existing editorial summaries and source excerpts. This covers the material on this page.
1
Druckenmiller says one billion people left extreme poverty since 1999 while 2,500 billionaires were created globally. [1]
Read the supporting quotation · Bloomberg Television · 2019-12-19
“Or let's look at globally. You've got since 1999, when you had a billion seven people in the world in extreme poverty. The number today is 700,000,000.”
Stanley Druckenmiller, in Bloomberg Television on 2020-01-06: [2]
Read the supporting quotation · Bloomberg Television · 2020-01-06
“Let's just take poverty in The United States. It was 26% a few decades ago. It was 16% in the financial crisis, and it's 13% now. It's at an all time low.”
FROM THE RECORD · 6 matching entries · 2019-12-19 to 2020-01-06
What does the record say about poverty?
Selected points from existing editorial summaries and source excerpts. This covers the material on this page.
1
Druckenmiller says one billion people left extreme poverty since 1999 while 2,500 billionaires were created globally. [1]
Read the supporting quotation · Bloomberg Television · 2019-12-19
“Or let's look at globally. You've got since 1999, when you had a billion seven people in the world in extreme poverty. The number today is 700,000,000.”
Stanley Druckenmiller, in Bloomberg Television on 2020-01-06: [2]
Read the supporting quotation · Bloomberg Television · 2020-01-06
“Let's just take poverty in The United States. It was 26% a few decades ago. It was 16% in the financial crisis, and it's 13% now. It's at an all time low.”
FROM THE RECORD · 5 matching entries · 2019-12-19 to 2023-06-07
What does the record say about fiscal deficits?
Selected points from existing editorial summaries and source excerpts. This covers the material on this page.
1
Druckenmiller says US debt is 31 trillion officially but 200 trillion when including promised entitlement payments. [1]
Read the supporting quotation · Bloomberg Live · 2023-06-07
“But if you did your accounting like any corporation and you assume those payments are going be made, yeah, the present value is probably around $200,000,000,000,000.”
Druckenmiller notes the US is running a trillion dollar deficit at full employment alongside negative real rates globally. [2]
Read the supporting quotation · Bloomberg Television · 2020-01-06
“We're running a trillion dollar deficit at full employment. Apparently, we're gonna have some sort of green stimulus in Europe, and we have negative real rates everywhere and negative absolute rates a lot of places.”
Stanley Druckenmiller, in Bloomberg Television on 2019-12-19: [3]
Read the supporting quotation · Bloomberg Television · 2019-12-19
“If you look at it, what if I were to tell you there was a Republican president, but a better version, and you had two thirds Republican majorities in both houses of Congress, and you had a deficit to GDP of two, not 4.5, and you had a debt to GDP lower than The United States”
FROM THE RECORD · 3 matching entries · 2019-12-19 to 2022-06-16
What does the record say about bonds?
Selected points from existing editorial summaries and source excerpts. This covers the material on this page.
1
Druckenmiller is long equities and commodities, short fixed income, long commodity currencies and short yen. [1]
Read the supporting quotation · Bloomberg Television · 2019-12-19
“Well, I'm long equities. I'm long some commodities. I'm short fixed income. And I'm long commodity currencies. Short the yen. So all sort of for now.”
Druckenmiller notes $18 trillion in negative-yielding debt existed a year ago despite imminent 8% inflation. [2]
Read the supporting quotation · René Sellmann · 2022-06-16
“Even as late as, I think a year ago, was 18,000,000,000,000 of debt that was still negative yielding when the world was about to experience 8% inflation. It's pretty extraordinary.”
Selected points from existing editorial summaries and source excerpts. This covers the material on this page.
1
Druckenmiller says US debt is 31 trillion officially but 200 trillion when including promised entitlement payments. [1]
Read the supporting quotation · Bloomberg Live · 2023-06-07
“But if you did your accounting like any corporation and you assume those payments are going be made, yeah, the present value is probably around $200,000,000,000,000.”
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Quoted in printOduu
“If the 30-year must trade at 5.5% to clear, that isn't a crisis. It is an invoice,”
Stanley Druckenmiller Criticizes Treasury's Bond Buyback Strategy · Mamat Sulaiman
Quoted in printYahoo Finance
“I have spent five decades trading on a simple premise: Markets aggregate information no committee possesses, and prices are how that information reaches decision makers,”
Stanley Druckenmiller takes aim at former colleague Scott Bessent · Tony Owusu
Quoted in printOduu
“Once markets believe Treasury is defending a price, every rise in yields becomes a test of official resolve, and the operations must grow to survive the tests.”
Stanley Druckenmiller Criticizes Treasury's Bond Buyback Strategy · Mamat Sulaiman
Quoted in printthe Guardian
“These are my ideas and I’ve been speaking about them for over 15 years, as anyone who knows me knows. Would I prefer that I was a great writer? Yes, but that’s not who I am.”
Stanley Druckenmiller Criticizes Treasury's Bond Buyback Strategy · Mamat Sulaiman
Transcript excerptBloomberg Live
“But if you did your accounting like any corporation and you assume those payments are going be made, yeah, the present value is probably around $200,000,000,000,000.”
“To actually pay for the entitlements we promised in the future, you'd have to raise all taxes 40% today forever or cut all spending 36 today forever.”
“The CBO's estimate, not mine, interest expense is 27% of outlays by 2050 and just entitlements and interest expense, just those two things alone, no defense, no running the government, no money for the disadvantaged will be a 117% of taxes by 2050”
“In when I was at Soros, shorted $200,000,000 worth of Internet stocks in March '99 and in three weeks covered them at a $600,000,000 loss. I lost $600,000,000 on a $200,000,000 investment in three weeks.”
“If this is a secular move, if this thing is real, you just don't have ten month moves. That's not how it works. Even the .com bubble lasted two, two and a half years.”
“this is the most complicated non roadmap unanalyzable situation I've ever seen in terms of having a lot of confidence in an economic prediction going forward.”
“I assume, and I pretty strongly assume we're gonna have a recession sometime in '23. I just don't know whether it's gonna be in the early part or the later part.”
“I think globally we had 30,000,000,000,000 of QE. Even as late as, I think a year ago, was 18,000,000,000,000 of debt that was still negative yielding when the world was about to experience 8% inflation.”
“Even as late as, I think a year ago, was 18,000,000,000,000 of debt that was still negative yielding when the world was about to experience 8% inflation. It's pretty extraordinary.”
“We're running a trillion dollar deficit at full employment. Apparently, we're gonna have some sort of green stimulus in Europe, and we have negative real rates everywhere and negative absolute rates a lot of places.”
“We think that EVs probably add point half a percent a year in demand and the supply outlook's challenged, it become more challenged if the Chile situation doesn't clear up, but that's not why we own it.”
“If you look at it, what if I were to tell you there was a Republican president but a better version, and you had two thirds Republican majorities, in both houses of congress.”
“If I came down from Mars and you showed me the the broad landscape and asked me where Fed funds would be, probably would guess three and a half, somewhere in there.”
“I will go to my grave believing that that financial crisis happened because of bubbles created by easy money. And I just don't understand why we need interest rates where they are now.”
“Let's just take poverty in The United States. It was 26% a few decades ago. It was 16% in the financial crisis, and it's 13% now. It's at an all time low.”
“You know, it it's funny because Trump if if if things if Trump gets reelected and things implode in the second term, capitalism will get a very bad name in my opinion, and will probably have a big political response, but it will be under someone who's sort of the antithesis of capitalism.”
“Well, I'm long equities. I'm long some commodities. I'm short fixed income. And I'm long commodity currencies. Short the yen. So all sort of for now.”
“I look back and the core PCE was one and a half in '98 and '99 when Greenspan started raising rates again from 475 is currently one seven and he's got them at 1.5.”
“If you look at it, what if I were to tell you there was a Republican president, but a better version, and you had two thirds Republican majorities in both houses of Congress, and you had a deficit to GDP of two, not 4.5, and you had a debt to GDP lower than The United States”
“I will go to my grave believing that that financial crisis happened because of bubbles created by easy money. And I just don't understand why we need interest rates where they are now.”
“It's the most anti capitalist idea I could ever dream up. And he's pushing Powell. You know, I didn't want to believe this, but it's pretty clear now that he's had an effect on Powell.”
“Or let's look at globally. You've got since 1999, when you had a billion seven people in the world in extreme poverty. The number today is 700,000,000.”
“So 1,000,000,000 people have been lifted out of extreme poverty in the last twenty years. Why? Because obviously India and China adopted a free market model.”
“And with regard to all this other talk about billionaires and so forth. So during that same period, you've created 2,500 billionaires, but you've brought a billion people out of poverty.”