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Stanley Druckenmiller: Current Fed policy is totally inappropriate

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Stanley Druckenmiller, CEO of Duquesne Family Office, and Christian Broda, managing director at Duquesne, argued in an op-ed for the Wall Street Journal that the Fed shouldn't be in emergency mode after the emergency has passed. They warn that the distortion of long-term interest rates is risky for the economy and for the Fed itself. Druckenmiller and Broda also say there are political pressures in the not-too-distant future that require the Fed to stop enabling fiscal and market excesses now. Druckenmiller joined "Squawk Box" on Tuesday to discuss. For access to live and exclusive video from CNBC subscribe to CNBC PRO: cnb.cx/2NGeIvi
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Опубликовано:

28 авг 2024

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Комментарии : 691

@alexsteven.m6414 Год назад

Recession is often the result of external factors, and it appears that the United States is losing its grip as a federal reserve currency. With a decreasing ability to control inflation and a reduction in stocks and oil trading, it seems that a new multilateral world order is on the horizon.

@valeriepierre9778 Год назад

It's important to keep in mind that investing is a zero-sum game with both good and bad days. However, by spending and investing wisely and diversifying your holdings, you can minimize risks and maximize gains. Hiring a knowledgeable investment advisor with a wide range of options can help you achieve this and leave little room for regrets.

@yolanderiche7476 Год назад

I just started a few months back, I'm going for long term, I'm still trying to wrap my head around it, who’s this advisor you work with?

@edelineguillet2121 Год назад

@@yolanderiche7476 Credits Julia Ann Finnicum, to one of the best portfolio manager’s out there. She’s well known, you should look her up

@bernisejedeon5888 Год назад

thanks for sharing this, I googled the advisor you mentioned and after going through her resume, I can tell she's a pro. I wrote her and I'm waiting on her reply

@jfer982 3 года назад

Finally!!!! Most people that come on these shows talk in circles, not really saying anything. Stanley has the balls to hammer it home. Thx bro.

@neverusingthisagain2 3 года назад

Everyone is just talking their own book. Be careful thinking any of this is advice

@eddiegadsey5867 3 года назад

@Eddie Fastbender liar

@dimitri6827 3 года назад

@Eddie Fastbender that`s the way they do it! Telling "the hell is coming" on TV while buying stocks! lol

@mrkd4126 3 года назад

@@neverusingthisagain2 Bingo - this guy does not invest how he talks . never has.

@uncommonsense9973 3 года назад

Peter Schiff has been saying that this is going to happen for years. Now this guy at WSJ wakes up and takes the hero's title at CNBC. Nevertheless, allowing a voice not representing vested interests of Wall Street crooks is huge progress for CNBC.

@jpducati916 3 года назад

learn more from a minute of Druckenmiller then from all CNBC hosts.

@mrbobbydee9 3 года назад

So true! I feel absolutely the same after watching this video.

@herrwahnsinn4229 3 года назад

How to still a billion dollars among other things this criminal shyst bucket has done.

@McLaneFS 3 года назад

What did you learn?

@Seanmatthewanderson 2 года назад

Wow, this video has aged incredibly well. Too bad Stan does not run the FED. He is probably too smart to take it though.

@The135813 2 года назад

He was so correct! Respect! 🙌

@rashidkhan-xm4rl Год назад

he made most of the money by timing market and risk management

@tbd1613 3 года назад

When Stan speaks you should listen and listen very carefully. One of the few whom I would call a living legend. Just wish he could manage my measly wealth.

@winonebud 3 года назад

Someone is pointing out the obvious. It takes courage when you are as big as Druckenmiller.

@tomlxyz 3 года назад

You need courage when there's something to be afraid of. What should he be afraid of?

@TapalKuda 3 года назад

@@tomlxyz frikking illuminati

@Africanknight88 3 года назад

Finally. Someone who’s talking sense. And it’s true. I’m just back from overseas In west Africa, 4 different countries and I’ve seen the decline in buying power just from 2019 to this past February 2021

@Discovery_and_Change 2 года назад

Looking at the -20% drop in the stock market over the past 6 months, looks like Druckenmiller was right.

@owenphl1652 2 года назад

A year from that interview, Dow is 29927 and S&P is 3666. Stanley you were absolutely right.

@Discovery_and_Change 2 года назад

Yup. I'm down -20% and just now finding out about Druckenmiller and this interview.

@eddiegadsey5867 3 года назад

I am surprised that CNBC allowed this guy to come on the show. When ARS does not have any comments it pretty much tells the story.

@eddiegadsey5867 3 года назад

@@altcoindaily8594 Thanks for joining RU-vid yesterday!!

@kingkang6877 3 года назад

They must have a rule where the bigger the guest, the less overtalk allowed. I see that when Buffett is on but also Steve Eisman and Stanley D

@Mdaddy4 3 года назад

Druckenmiller is on point. Great analysis

@altcoindaily8594 3 года назад

T•h•a•n•k•s f•o•r W•a•t•c•h•i•n•g. T•o•d•a•y•s v•i•d•e•o. f•o•r m•o•r•e I•n•f•o o•r g•u•i•d•a•n•c•e W•H•A•T•S•A•P•P +©1°•6°•3°•0°•7°•0°•8°•6°•4•°7•°0 💖💙💖

@vincentmaldon7707 2 года назад

Wish bureaucrats were honest like him. America would be in a better place.

@angadsingh3267 3 года назад

Straight shooter, spectacular clarity 👌🏻

@ApriliaRacer14 3 года назад

Crystal clear delivery.

@davidbarnett1631 3 года назад

Stan is a class act. High quality person, tones of exp, and knowledge. He also keeps it real. CNBC for the most part gets fools on there show. NOT Stan

@martinrev8487 3 года назад

I love how the producer was "unable" to put up the federal unfunded liabilities chart Stan requested, lol. I guess they didn't want to get in trouble.

@bleacherz7503 3 года назад

Some 20 yr old puts who does know the difference between the Philips curve and Philharmonic

@paradiso4562 3 года назад

Or maybe they didn't have the chart. Not everything is a conspiracy.

@martinrev8487 3 года назад

@@paradiso4562 He cited the chart number when requesting it. Clearly, he provided it for them. Druckenmiller is a big deal as a guest, so I'm sure they took the time to properly input the info he provided for the interview. I agree, not everything is a conspiracy, but this, at the very least looks very suspicious.

@DJSerpent 3 года назад

@@martinrev8487 Nah I deal with production too, and sometimes they don't clarify the charts or have the data because people like this can be fickle or unclear or ask for it last moment like here, or you know people make mistakes.

@brendansmith7842 3 года назад

Biden wants to go crazy on government spending at exactly the wrong time... Druckenmiller basically articulates my concerns i have had for months in a much better way.

@kbram7363 3 года назад

Biden or the fed?

@nikalajohnny496 3 года назад

*RICH PEOPLE PLAYS THE MONEY GAME TO WIN. POOR PEOPLE PLAYS THE MONEY GAME NOT TO LOSE. THE GOAL OF THE TRULY RICH PEOPLE IS TO HAVE MASSIVE WEALTH AND THE POOR SEES A SURPLUS AS AN OPPORTUNITY FOR CONSUMPTION INSTEAD OF INVESTING IT. CHANGE YOUR MINDSET AND DO WHAT THE RICH DOES, WHICH IS INVESTING, INVESTING AND INVESTING.*

@investorsray1474 3 года назад

You're right ma,

@investorsray1474 3 года назад

that's why I have to start forex trading 2months ago, now am making constant profit from it .

@takshvianshi7277 3 года назад

Natural, there’s a lot of math involved in forex trading,

@takshvianshi7277 3 года назад

but this is often presented in forms of daunting technical charts, indicators, patterns.

@scottnicole2679 3 года назад

Trading systems allow you to limit the factor of emotional influence on decision-making,

@r987p 3 года назад

FED has gone nuts. Drunks running the bar

@Mortum_Rex 3 года назад

Sounds like a fun bar. Till the hangover sets in anyway lol

@SportsIncorporated 3 года назад

Invaluable info. My portfolio was already 100% hard assets. Back to bed.

@nafnaf0 3 года назад

you can hedge too, check out Michael Burry's current picks (Google: "scion capital 13f"). TMV is x3 bear on long-term treasuries. This will explode in value if they raise rates

@SportsIncorporated 3 года назад

@@nafnaf0 TMV is a 3x leveraged ETF? If you're a newbie, with a leveraged ETF the math really works against you. If you're new to leveraged ETFs, study them before you invest in them.

@sten260 3 года назад

I own physical gold and silver, barrick gold stock and franco nevada stock, i think i'm good

@SportsIncorporated 3 года назад

You've taken the safe route. You'll be able to sleep at night. (expect them to go down with the market. I've found when the market goes down big time, it takes everybody.)

@Cwra1smith 3 года назад

Buy and hold precious metals. I don't know how else you can compensate.

@randythom 3 года назад

thank goodness for an honest analysis. This feels exactly correct out here in flyover country

@nohalfmeasures6 3 года назад

Stan has an impressive track record with returns, they need more "bosses" to come on cnbc. I'm tired of the same paid analysts that come on pumping their losers and non-alpha ideas. Guys like Drukenmiller are too busy beating the S&P to come on cnbc every day like the rest lol.

@bobs182 Год назад

This is fortuitous with the failures this week of Silvergate, Silicon Valley, and First Republic banks.

@zuluwarrior2888 3 года назад

Heard the name in passing but first I have ever heard him speak. I'm impressed and concerned.

@kurt9862 3 года назад

The raise taxes. Boomers have enjoyed running up the debt for 40 years. Time to pay the bills.

@shaunholm8428 3 года назад

we all have enjoyed it

@shaunholm8428 3 года назад

fed ran up the bills we paid for it.

@kurt9862 3 года назад

@@shaunholm8428 the young are going to end up paying for it. Time to tax those who spent it. They want to die before it's due.

@melvinhhcp3615 3 года назад

@@kurt9862 Facts. The corporate boomers also have a problem with greed.

@altcoindaily8594 3 года назад

@steve-mu1sj 3 года назад

Too bad CNBC didn’t assign a journalist with talent to interview Stan

@keithblain8763 3 года назад

Melissa is the only CNBC journalist I trust.

@kane2512 3 года назад

@@keithblain8763 I like Wapner too. He puts people on blast.

@srockriver 3 года назад

I agree with you entirely !!

@bs9343 3 года назад

On the flipside Steve it was good that there wasn’t a journalist interrupting him constantly so we could hear this guy’s very helpful insight

@papabear90 3 года назад

People be asking questions like "can China overtake the US". The real question is, "can the US afford to maintain its hegemony any longer?"

@rafb145 Год назад

Hypothetical nonsense, in reality no one in their right mind would want to live in china over us

@sang3Eta 3 года назад

Money supply inflation last 12 months: Gold and Bitcoin 1.8% EU M1 Euros 12% UK M1 Pounds 22% US M1 Dollars 350%

@Bornagainhotrods 3 года назад

When Drunkenmiller speaks, people need to listen

@MrWaterbugdesign 3 года назад

Well yeah the emergency is over for wealthy investors. For millions of Americans it's still going on.

@tookie36 3 года назад

Clearly this guy doesn’t give a sht about normal people

@eddiegadsey5867 3 года назад

@@tookie36 This guy is looking at data we all have access to. Just what are normal people? Just so I can follow your data.

@kel5944 3 года назад

@@eddiegadsey5867 It means anyone who works for an hourly wage. They make up more than half of the country, but there is so much wealth disparity that the economy is raging for the rich so the media ignores the reality of the situation for most Americans.

@morganvon5664 3 года назад

@@kel5944 If you can't make ends meet with all the stimulus checks and unemployment benefits, then you are mismanaging your entire life. Put down the crack pipe and go get a job.

@buckbiro 3 года назад

Drunkenmiller said he didn't know the last time monetary and fiscal policy was this out of step with the economic reality. The monetary/fiscal policy maneuvers haven't helped the millions of people that actually need it! Why would we keep "stimulating" the economy?

@georgezipp8783 3 года назад

He sounds like a very WISE MAN . Thanks for the Q & A . Well done no fluff .

@peterjna12 3 года назад

Inflation is out of control. Fed needs to raise rates and let the markets correct.

@ADG-pl7ur 3 года назад

@beswick1111 lets hope so

@Respectedevil1 3 года назад

I am also in cash

@ross4452 3 года назад

@beswick1111 Can the U.S. Government handle a rate hike like that though? I think the U.S. Federal Gov't would be insolvent if they raise rates. The Fed will have no choice but to cap interest rates but buying more and more bonds from the Treasury so the US gov't can continue making their interest payments on their debt. We are set up for inflation either way based on my view. They've painted themselves into a corner.

@ednan9 3 года назад

Powell is a lawyer - not an economist

@marekkolenda2777 3 года назад

Unfortunately right

@jefflopes8810 3 года назад

I am glad too see the viewers recognize that CNBC (part of NBC) is completely in the liberal tank, and will do anything to support Biden. Druckenmiller is a breath of freshair and reality

@omariworthy5572 3 года назад

Let the money printer go brrrr.

@fillmorehillmore8239 3 года назад

Too bad its not a productivity printer.

@Striker50_ 3 года назад

It has been. It makes no difference when it all goes to the top because 80% of people never see that $$$

@fillmorehillmore8239 3 года назад

@@Striker50_ Agree 100%.

@watersport86 3 года назад

Finally someone is honest on CNBC.

@joaov4739 3 года назад

Couldn't have more clarity. Awesome arguments and data.

@Hawking1969 3 года назад

thoughtful courageous macroanalysis

@WhittyPics 3 года назад

They have to keep the bubble alive. NO WAY can they allow the rich to take any kind of haircut.

@shootermacgavin1 3 года назад

I have a feeling everyone is going to take a severe haircut

@parkerbohnn 3 года назад

@@shootermacgavin1 It was written in the bible the rich will become the new poor. Soon we'll see this when everything implodes and the rich are the only ones left with money to pay the taxes.

@sandikennelly1357 3 года назад

The Rich have a haircut coming if Biden gets his way by redistribution of wealth. Robin Hood will crash our economy just as Trump predicted.

@davidbarnett1631 3 года назад

Jeff G, Stan D, Peter S, Harry D, who else did I forget. All these guys are my go too people to listen too. As far as I'm concerned these people know what's going on.

@shifandaruwalla2327 3 года назад

Can you imagine the country being dependent on an environment in which tech stocks outperform for its own financial stability? Not good at all

@daffertube 3 года назад

That's how AI takes over. Tech grows and humans die out. Birthrates can't replace the current population.

@TheMayoDon123 2 года назад

Aged well

@jenspettereikeland3700 Год назад

Druckenmiller as president !!! Lokk how right he was now 2 years later!!!

@crustybread9286 3 года назад

Am I wrong in thinking fed is not writing stimulus cheques isn’t that the Congress ?

@kevinswift8654 3 года назад

It's Congress but they're financing them with debt. The Fed is printing money right now which helps pay for that debt. It's called monetizing the debt. This was mentioned. So in a way the Fed is paying for it, yes.

@mrmoonlit7108 3 года назад

@@kevinswift8654 the FED finances; us citizens are the ones paying

@crustybread9286 3 года назад

@@kevinswift8654 thank you makes sense now

@MrHansBattle 3 года назад

The Druck telling like it is! Love it...

@Mike_ICP 3 года назад

Love the way Stan looks to have taken this Personal at the begining of the interview with that jacket snap. He probably had the fire as a younger stallion.

@pa9121 3 года назад

Kind of pathetic that CNBC can't get a chart that the guest is requesting up on the screen

@giovannipantorno884 3 года назад

Ron Baron did say these billionaires come on TV sound like bears, and he asked how tf did they get rich??? He's right

@lukaradojevic7195 3 года назад

Short the market?puts?assets that benefit from volatility?you can make money in downturns also,and you have many diffetent asset classes and financial instruments and strategies to trade and invest in, sp 500 and bitcoin is not only asset class in the universe,despite what cnbc tell you.go buy silver or uranium or copper mining stocks.learn to trade commodities or options..

@LibertarianRF 3 года назад

@@lukaradojevic7195 dude you're sounding too smart.. as liberals were supposed to be like oh let's blame the rich for everything oh my God .. who cares of the government spent 10 trillion dollars in illegal wars.. let's go after bezos he's got like billions or something

@enteradj 3 года назад

Japanification?

@SWW978 3 года назад

USSRfication

@Stoneface_ 3 года назад

Lol it Will never happen😁

@adriansegura6352 3 года назад

Nope more like Argentina. See Japan is a creditor nation. We are a debter nation

@chrisnamaste3572 3 года назад

No. Japan has always had big trade surpluses and a positive current account--- like Europe usually has in aggregate. Those idiots at the Fed playing with fire. Then again Powell is a Wall Street lawyer appointed by Trump and not an economist. Do you trust lawyers?

@russg7697 3 года назад

Californication?

@ApriliaRacer14 3 года назад

This guy nails it.

@Mikesorrento3344 3 года назад

Will be much less than 15 years before we lose reserve currency status.

@win_cent 3 года назад

No one ventures to talk about that publicly. Thanks Stan for the precious thoughts

@Blitznstitch2 3 года назад

Oh when you give people who have no money...money...they will spend it. Duh!

@stephenklare1796 3 года назад

Raise rates . At 5% I could live off interest payments

@bleacherz7503 3 года назад

Yep, know you know who is paying for QE. Savers. Emergency Funds. New families and of course the poor

@iamhudsdent2759 3 года назад

I'm in the same boat, Stephen. But Druckenmiller is saying that 5% will be worth very little.

@snippletrap 3 года назад

And then interest payments become 30% of GDP, as Druckenmiller pointed out.

@bleacherz7503 3 года назад

@@snippletrap limit rates to individual investors .

@parkerbohnn 3 года назад

I live off the interest payments at a shade under 2 percent. Revenue Canada just gets less money in tax from me. I'm not the only loser with these absurdly low interest rates.

@paulb2315 3 года назад

He won't be invited back anytime soon. Speaking the truth isn't in vogue at the moment. Truth doesn't help stoke the stock market.

@yummymommy2275 3 года назад

Retail could also be on the rise because ppl are spending less on outings, entertainment, transportation, and physical wellness.

@justinmartinez3332 3 года назад

Yeah it’s fun spending on credit cards until the payment becomes due. How much are our payments on the interest?... 30% of GDP. 🤯

@mikesawyer1336 3 года назад

For every move the fed makes the other side says it was totally inappropriate. So many opinions. In the 90s inflation was low but interest rates were higher. Much higher. Now rates are stupid low but everyone is in fear of inflation. These are called cycles. If you're the investor caught holding the bag.. too bad for you but ups and downs are normal

@fhowland 3 года назад

He’s 100% right.

@timmiet47321 3 года назад

Smart man. He speaks about what he knows unlike many others especially those in the media.

@Witnessmoo 3 года назад

Everybody loves a bit of doom saying! The bottom line is that our productive capacity now outstrips our demand... no matter how much money they throw into the system.

@mattpagel2328 3 года назад

He tanked the market. Bless the boomers lol

@method341 3 года назад

You have to keep dancing until the music stops. But don't be the last one dancing.

@Hopeful-passenger 3 года назад

I am sorry but i hate it when the announcer acts so smug when he says that 85%of trade is done in dollars. The DXY is a sham. Debt to gdp in EU is over 80% , over 200% in japan. The EUR and JPY are the largest weights when calculating the DXY, and both the EU and Japan is pretty much bankrupt. Look at AUD, KRW, SGD... currencies of countries with sound balance sheets and you can see that the are up 10~30% compared to the USD.

@daffertube 3 года назад

XMR to the moon

@timeforachange-i3s 3 года назад

No country should by our debt, treasuries, or anything related to the dollar.

@jaemoon3593 3 года назад

Check 4. Send it!

@AngeloBonaveraArt 3 года назад

Don't forget the abundance of retail traders flooding the market on Robinhood and Webull. They raised the general level of investors in the equities and they're here to stay.

@frenchfrymontana3564 3 года назад

🔥🔥🔥Bruh, Stan Druckenmiller could be a character on The Simpsons💯💯💯

@TheTangofrog 3 года назад

Can we run a full video without Shepard Smith's mug? Please?

@andrewtaylor2095 3 года назад

i agree. I do not want to be holding dollars

@THEFLYBOYWAY 3 года назад

He is reading the chart wrong ,, all the losses that occurred in the gap are still here they didn't just disappear so any overage after that is just covering the losses from the miss.. 🤦🏾‍♂️

@mrmoonlit7108 3 года назад

Heyyy it's the hissing reporter! 😃

@altcoindaily8594 3 года назад

@christinesavino 3 года назад

Not to mention bubble like corporate debt and looming hyperinflation.

@zarathustravideo 3 года назад

Thank you very much!

@siddharthkaneria1 3 года назад

Stanley Druckenmiller at his usual best

@jaym9846 3 года назад

FED: Hold my beer.

@efanshel 3 года назад

I love Stanley... I listen to his brilliant observations. I try to do some work and form my own conclusions...Then the big questions:So what? How do make money or avoid a loss with this new info? Investors and traders focus on what will be, not what should be... Today's price is tomorrow's headline....

@BrendanMetcalfe 3 года назад

Thanks for sharing

@mattmccracken1768 3 года назад

Stan is the man. No doubt.

@ibrahimcharanek2300 3 года назад

Love 💘 this man

@jaym9846 3 года назад

By the DIP. Get the CHIP. FED vill RIP.

@esp4yu 3 года назад

Nominal Retail Sales (if inclusive of Tariffs) may suggest the figure is less than 3% (Percentage of Retail Sales is Reduced although it showed an upward trend). This does not suggest a rise in economic activity, especially during CoVid-19 period.

@TrevForPresident 3 года назад

Why is the Fed buying billions in mortgage backed assets when the housing market is booming?

@brian91145 3 года назад

so they can own EVERYTHING!

@dp26385 3 года назад

I’m interested in observing what we can learn from this.

@juanok2775 Год назад

He missed completely the valuation of the dollar. All time high now

@briangracey7393 3 года назад

Thank you Gregory, you are my motivational speaker who keeps me focused on the big picture.

@emilhaferflocken9401 3 года назад

It's a harrowing and incisive view. Scary stuff. I want to make a grammar remark, even if it's unimportant in comparison. @CNBC, your graphic guy actually wrote "Treasurys," with a "y," as the plural of "Treasury"? Lame, dudes.

@coryg121 3 года назад

Druck is a legend!

@stuff2008 Год назад

Thst is because of retail inflation.

@vajraloka1 3 года назад

What's an "asset purchase " ? Who buys what?

@Rnankn 3 года назад

Like so many others, he is ignoring several long term trends that might not appear in the economic data but are bigger threats than Co-vid. Toxic inequality and middle class radicalization, deindustrialization and automation, demographic decline and pensions, record debt but most crucially the immediate need to decarbonize the economy. This last one is considerably more serious than what is reflected in media. It is a gargantuan task to initiate and implement new civilization energy production and distribution, with agriculture and industry and construction and transportation all needing to be transformed. So if the Fed slows economic activity it worsens all these and undermines necessary goals.

@mrkd4126 3 года назад

So.. now actions taken in 2008 were good ... but took retail sales 6 years to get back to normal ... recent action takes retails back to trend in one year (and probably just an over shoot... look at the chart!! ) ... but this is bad.... let's wait another 6 years.... and in meantime, lets let our infrastructure rot for another generation!! .. because that is what all this is about!

@shredbtc Год назад

A year later and the dollar feels stronger than ever - crazy world

@kirancromie1772 3 года назад

All the assent price stimulation and maladaptive value and asset distrotion it s directly due to the federal reserve. The covid-19 stimulus isn't the problem. It only passed 6weeks ago.

@MrBlueDevil93 3 года назад

They have been doing stimulus longer than that. And, for years, Quantitative Easing, (eg. printing money out of thin air, with no more work performed) has been the policy of the US govt and the Fed. Now, just skim a little along the way. Though in reality the Fed refunds the majority of interest they charge to the Treasury, you have to remember they print the electronic digits out of thin air. They are allowed to do so by the Congress. Try it yourself and you get arrested for counterfeiting. Great game --- for them --- not the little people who pay for it. You honestly could run it from one iphone.