Stanley Druckenmiller: The Fed is Playing with Fire

Squawk Pod

CNBC

News, Investing, Business, Business News

4 • 494 Ratings

🗓️ 11 May 2021

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

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Summary

In an extended, CNBC exclusive interview, billionaire investor and hedge fund manager Stanley Druckenmiller shares his concerns about the Federal Reserve’s extended accommodative monetary policy over a year into the pandemic. He considers risks to the markets and to the US dollar, and he highlights foreign bond buys, retail sales, and historical statistics in his case against the Fed Powell’s current course of action. Plus Druckenmiller, CEO of Duquesne Capital Management, ponders the next big thing in crypto and his exit from the US stock market. Pfizer’s Covid vaccine is approved for teens and children, and inflation anxieties mount on and off of Wall Street.

Transcript

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0:00.0	This is Squawk Pod. I'm the NBC producer Katie Kramer today on our podcast.
0:07.0	Stanley Druck and Miller, the billionaire investor sounds an alarm on the Fed's pandemic response policies.
0:12.2	The Fed made a very reasonable bet.
0:14.7	The government made a very reasonable bet
0:17.1	last March, April.
0:18.6	I'm glad they did what they did.
0:20.6	But by August, it was very, very clear that these policies were inappropriate.
0:25.6	Why the Wall Street legend is urging the Fed to change its mind and what's going on in the markets?
0:31.0	I have no doubt, none whatsoever that we are in a raging
0:35.0	mania in all assets. I also have no doubt that I don't have a clue when
0:40.0	that's going to end. I will be surprised if we're not out of the stock market by the end of the year.
0:45.8	Plus, Druck weighs in on big tech, the dollar, and his bet on crypto.
0:50.4	Your best guess is that a crypto-derived ledger system will be invented and that that
0:57.1	will become the reserve currency of the world. Okay let's not get too carried away.
1:02.4	That conversation plus inflation world. Okay, let's not get too carried away.
1:03.0	That conversation, plus inflation fears intensify.
1:06.0	Tells you something when the lead story is corn.
1:08.0	And Pfizer's COVID vaccine approved for children and teenagers.
1:12.0	If all goes well by Christmas you could
1:14.8	actually get all adults and all kids vaccinated. It's Tuesday, May 11th, 2021
1:20.5	Squack Pond begins right now.
1:24.0	Good morning everybody.
	...

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