The Minutes of Stanley Druckenmiller https://minutesof.com/stanley-druckenmiller/ Stanley Druckenmiller: 19 verbatim quotes from 53 appearances on fed policy, bonds and fiscal deficits. Latest May 2026. Every quote timestamped and… en Sun, 30 Aug 2026 16:22:14 +0000 Druckenmiller says US debt is 31 trillion officially but 200 trillion when including promised entitlement paym https://minutesof.com/q/1bc03535-f487-4179-b2f7-521bd7c14606/ https://minutesof.com/q/1bc03535-f487-4179-b2f7-521bd7c14606/ “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.” — Bloomberg Live Wed, 07 Jun 2023 15:27:20 +0000 Druckenmiller states closing the fiscal gap requires raising all taxes 40 percent or cutting all spending 36 p https://minutesof.com/q/588f5dbe-bbb7-464c-8a35-a598b10acf91/ https://minutesof.com/q/588f5dbe-bbb7-464c-8a35-a598b10acf91/ “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.” — Bloomberg Live Wed, 07 Jun 2023 15:27:20 +0000 Druckenmiller expects 800 billion in treasury issuance by year-end as liquidity conditions reverse from earlie https://minutesof.com/q/f049b61b-b689-4ce7-bcfc-a797c9f27b8c/ https://minutesof.com/q/f049b61b-b689-4ce7-bcfc-a797c9f27b8c/ “So you're going to probably about 800,000,000,000 in treasuries issued between now and year end. The Fed will be continuing on with QT.” — Bloomberg Live Wed, 07 Jun 2023 15:27:20 +0000 Druckenmiller argues AI secular moves last years not months, expecting NVIDIA ownership for two to three years https://minutesof.com/q/b4a3a07d-8cab-4fce-bb33-632c5ea87fa8/ https://minutesof.com/q/b4a3a07d-8cab-4fce-bb33-632c5ea87fa8/ “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.” — Bloomberg Live Wed, 07 Jun 2023 15:27:20 +0000 Druckenmiller says AI is making top coders seven to eight times more productive than five months ago. https://minutesof.com/q/8b7ddc79-f8cd-4053-9a16-325f010bcfed/ https://minutesof.com/q/8b7ddc79-f8cd-4053-9a16-325f010bcfed/ “it's already making the top coders seven to eight times, seven to eight times more productive than they were five months ago.” — Bloomberg Live Wed, 07 Jun 2023 15:27:20 +0000 Druckenmiller strongly assumes a recession will occur in 2023, though timing is uncertain. https://minutesof.com/q/48fc567a-aad6-4c83-b4cf-b4ec6d6a8c9e/ https://minutesof.com/q/48fc567a-aad6-4c83-b4cf-b4ec6d6a8c9e/ “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.” — René Sellmann Thu, 16 Jun 2022 15:02:21 +0000 Druckenmiller notes many good companies have been derated 70% without fundamental changes. https://minutesof.com/q/b0404e93-1b53-4de4-a6a0-3792a4de5791/ https://minutesof.com/q/b0404e93-1b53-4de4-a6a0-3792a4de5791/ “A lot of very good companies have been de rated 70% without a whole lot of change in fundamentals.” — René Sellmann Thu, 16 Jun 2022 15:02:21 +0000 Druckenmiller cites $30 trillion in global QE and $18 trillion negative-yielding debt before 8% inflation. https://minutesof.com/q/809d6e79-864a-4591-9347-2805ec682bd8/ https://minutesof.com/q/809d6e79-864a-4591-9347-2805ec682bd8/ “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.” — René Sellmann Thu, 16 Jun 2022 15:02:21 +0000 Druckenmiller notes the US is running a trillion dollar deficit at full employment alongside negative real rat https://minutesof.com/q/29a5e5a4-38fb-4e45-83e5-bdaaa5f077cf/ https://minutesof.com/q/29a5e5a4-38fb-4e45-83e5-bdaaa5f077cf/ “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.” — Bloomberg Television Mon, 06 Jan 2020 18:44:41 +0000 Druckenmiller estimates EVs add 0.5% annual copper demand while supply outlook remains challenged, particularl https://minutesof.com/q/a237f3ac-277e-4582-bffc-24641b7ff967/ https://minutesof.com/q/a237f3ac-277e-4582-bffc-24641b7ff967/ “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.” — Bloomberg Television Mon, 06 Jan 2020 18:44:41 +0000 Druckenmiller says current Fed funds rate of 1.5% is absurd given economic conditions; appropriate level would https://minutesof.com/q/5ce1dbc3-8c69-4e9c-9635-dab245cfc052/ https://minutesof.com/q/5ce1dbc3-8c69-4e9c-9635-dab245cfc052/ “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.” — Bloomberg Television Mon, 06 Jan 2020 18:44:41 +0000 Druckenmiller blames the financial crisis on easy money bubbles and questions current low interest rate policy https://minutesof.com/q/f576d218-9c3a-4f7f-b435-3eddc15d45ce/ https://minutesof.com/q/f576d218-9c3a-4f7f-b435-3eddc15d45ce/ “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.” — Bloomberg Television Mon, 06 Jan 2020 18:44:41 +0000 Let's just take poverty in The United States. It was 26% a few decades ago. It was 16% in the financial crisis https://minutesof.com/q/210dfc69-b305-42f4-b9cd-7d76ef71ed16/ https://minutesof.com/q/210dfc69-b305-42f4-b9cd-7d76ef71ed16/ “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.” — Bloomberg Television Mon, 06 Jan 2020 18:44:41 +0000 Druckenmiller is long equities and commodities, short bonds and yen, and long commodity currencies betting on https://minutesof.com/q/575b5df6-e4ca-49b9-b487-46e404a9bfc4/ https://minutesof.com/q/575b5df6-e4ca-49b9-b487-46e404a9bfc4/ “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.” — Bloomberg Television Thu, 19 Dec 2019 02:48:34 +0000 I look back and the core PCE was one and a half in '98 and '99 when Greenspan started raising rates again from https://minutesof.com/q/2e8b8dc4-e67f-4ad2-ab7e-e8aeaaa4f642/ https://minutesof.com/q/2e8b8dc4-e67f-4ad2-ab7e-e8aeaaa4f642/ “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.” — Bloomberg Television Thu, 19 Dec 2019 02:48:34 +0000 If you look at it, what if I were to tell you there was a Republican president, but a better version, and you https://minutesof.com/q/b931f278-cc6c-4f5b-9b93-da01f0a6505c/ https://minutesof.com/q/b931f278-cc6c-4f5b-9b93-da01f0a6505c/ “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” — Bloomberg Television Thu, 19 Dec 2019 02:48:34 +0000 Druckenmiller says negative rates are the most anti-capitalist idea and that Trump has clearly influenced Powe https://minutesof.com/q/ff67e782-89a8-4d5d-b896-3c0136ff5869/ https://minutesof.com/q/ff67e782-89a8-4d5d-b896-3c0136ff5869/ “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.” — Bloomberg Television Thu, 19 Dec 2019 02:48:34 +0000 So 1,000,000,000 people have been lifted out of extreme poverty in the last twenty years. Why? Because obvious https://minutesof.com/q/1c26dbd2-bdf2-4937-a590-b8084fb716b6/ https://minutesof.com/q/1c26dbd2-bdf2-4937-a590-b8084fb716b6/ “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.” — Bloomberg Television Thu, 19 Dec 2019 02:48:34 +0000 Druckenmiller argues that for every billionaire created, 400,000 people exited extreme poverty over the same p https://minutesof.com/q/34e9616a-d454-4673-904e-a0acb8516308/ https://minutesof.com/q/34e9616a-d454-4673-904e-a0acb8516308/ “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.” — Bloomberg Television Thu, 19 Dec 2019 02:48:34 +0000