BREAKDOWN: 'Absolute Raging Mania' – Famed Investor Druckenmiller Thinks 10% Inflation Is Possible
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 9 September 2020
⏱️ 20 minutes
🧾️ Download transcript
Summary
The Hedge Fund legend says in a new interview the Federal Reserve’s policies have created a massive asset bubble while making both inflation and deflation more likely.
This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.
Today on the Brief:
- Markets recover slightly but vaccine trade falters as AstraZeneca pauses trials
- Bitcoin and gold correlation increases sharply around dollar instability
- Mastercard launches simulation tools to help develop central bank digital currencies
Our main discussion: Stan Druckenmiller speaks!
NLW breaks down the famed investor’s interview with CNBC today, including:
- The merging of the Fed and the Treasury
- Mania in financial assets
- A growing fear of future inflation
- Why the next three to five years are going to be extremely difficult
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Transcript
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| 0:00.0 | For the first time in a long, long time, I'm actually worried about inflation because we actually |
| 0:06.7 | have the chairman of the Federal Reserve with a $3.5 trillion deficit lobbying Congress to do more |
| 0:13.0 | spending and guaranteeing those of us on Wall Street that he'll underwrite it. |
| 0:18.5 | Welcome back to The Breakdown with me, NLW. |
| 0:22.7 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:28.9 | The breakdown is sponsored by Crypto.com, BitStamp, and Nexo.io, and produced and distributed by CoinDess. |
| 0:37.4 | What's going on, guys? |
| 0:38.8 | It is Wednesday, September 9th, and today we are talking about famed investor Stan Druckenmiller |
| 0:46.5 | and his sense that there is an absolute raging mania in the stock market |
| 0:51.5 | and his belief that inflation could reach 5 or even 10%. |
| 0:56.3 | First, however, let's do the brief. |
| 0:59.3 | First up on the brief today, markets rebound, but the vaccine rumor trade has a scary. |
| 1:05.3 | First of all, the stock market is coming back after three days of decline. |
| 1:10.2 | The S&P 500 is up 2.1% and NASDAQ is up 3% after |
| 1:15.1 | an 11% decline over the last three days. Just like tech stocks were out in front of the drop, |
| 1:20.9 | they are also now helping the return. However, when it comes to markets, there was a worrisome |
| 1:26.5 | development on the vaccine front. |
| 1:29.6 | Regular listeners will know that I've talked frequently about the vaccine rumor trade, |
| 1:34.9 | and basically, I believe that one of the driving forces in markets is a belief that somehow |
| 1:40.8 | some way science is going to be able to move much faster than it has in the past |
| 1:45.3 | to actually push out a vaccine that allows us to get back to something like normal pretty quickly. |
| 1:52.1 | Now, whether this is or is impossible is to be seen, certainly we've never seen the sort of |
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