MUST WATCH: Stan Druckenmiller destroys Janet Yellen. “I literally think if you go back to Alexander Hamilton, it was the biggest blunder in the history of the Treasury. I have no idea why she has not been called out on this. She has no right to still be in that job.”

Oct 30, 2023 · 4:15 PM UTC

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Stan Druckenmiller on bonds: “I am currently short bonds and long the front end”
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Replying to @Stephen_Geiger
As if she had a choice. Imagine what the banking system would look like if she issued a ton of debt at 10s and 30s and that same fell 30-50% since. There were reasons here. I'm not a big Yellen fan, but Druck missed the boat here by letting his politics prevail over Occam's razor
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Replying to @Stephen_Geiger
x.com/WinfieldSmart/status/1…
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Replying to @Stephen_Geiger
Secretary Gensler will surely be better
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Replying to @Stephen_Geiger @wclemente
Interesting perspective. It's always valuable to have different opinions on economic matters.
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Replying to @Stephen_Geiger
For her outstanding work Janet Yellen should be given the Karine Jean-Pierre Award for Distinguished Government Service.
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Replying to @Stephen_Geiger
“every caddie I know” so a few people at your country club?
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Replying to @Stephen_Geiger @wholemars
He also says he likes #bitcoin and should own some.
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Replying to @Stephen_Geiger
Anyone have a link to entire interview?
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Replying to @Stephen_Geiger @eliant_capital
Low yield gilts nearly broke England. Where would the U.S. be if its financial system were stuffed to the gills with 30 year USTs yielding 1%?
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Replying to @Stephen_Geiger
You miss the big picture and the central point. Interest expense for the US Govt in 2043, 20 years from now, will be 144% of Discretionary spending. (At today’s interest rates) .
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Replying to @Stephen_Geiger
Millenials and GenZ (most screwed generation by politicians) are paying social security and medicare as taxes on top of other federal and state tax on wages and also on property. Oh and Inflation is also a hidden tax than no-one talks about.
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Replying to @Stephen_Geiger @ErynGreenfield
Clearly, this was not a blunder. They did it on purpose.
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Replying to @Stephen_Geiger
If she did that, wouldn't every bank in the country already be bankrupt? We have a huge HTM issue without that, imagine what it would look like if treasury stuffed the financial system with imploding long term bonds.
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Replying to @Stephen_Geiger
Hamilton began this madness....taking on more debt to service existing debt.....
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Replying to @Stephen_Geiger
Wow. I'm not a finance person, but I got this. It's bad.
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Replying to @Stephen_Geiger
@BillAckman said similar thing about Steve Mnuchin could’ve issued longer term debt at low interest rates
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Replying to @Stephen_Geiger
Should have been issuing 30 year bonds whenever the rate was ~ 3%. Like, 5 trillion worth between 2017 and 2022.
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Replying to @Stephen_Geiger
Says hallucinating old white dude
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Replying to @Stephen_Geiger
There isn’t demand for long dated govt paper. Those 1.75% 30yr’s would have been 5% if she tried to auction $1T 30yr’s, It’s not a risk free safe haven when you start adding duration.
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Replying to @Stephen_Geiger
False. Had they issued 10 year paper in enough quantity to relative duration of outstanding paper, the prices would have collapsed, yield would soar. Furthermore Yellen could not have sold 10 year paper at 70 bp. She wasn't Trs Sec when 10 year was 0.70 Wallstreetexaminer.com
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Replying to @Stephen_Geiger
Inflation is transitory and we can afford two wars. 🙄
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Replying to @Stephen_Geiger
A good explanation of why it’s crazy to believe rates will stay higher for longer.
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Replying to @Stephen_Geiger
Yet she is there and he isn't
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Replying to @Stephen_Geiger @HankBlodget
She's there because she's a puppet, doing a puppet's job to the bosses' liking.
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Replying to @Stephen_Geiger
multi-millionaire armchair quarterbacks
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Replying to @Stephen_Geiger
What is her net worth?
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Replying to @Stephen_Geiger
Say it! The government is not a hedge fund.
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Replying to @Stephen_Geiger
Druckenmiller is spreading disinfo, serving the cabal of which he's a part.
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Replying to @Stephen_Geiger @Alec_Mazo
Yep, and yet US Treasury was still taking billions of Fannie Mae shareholders dividends every quarter for the last 15 years leaving all retired shareholders without a $1.00 income. Disgraceful and Disgusting..!
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Replying to @Stephen_Geiger
Of course, Druckenmiller is correct about the effects on our nat'l debt servicing. Where his conclusion is incomplete is IF the tsy had sold longer duration tsys, there'd be more huge losses on the books of the entities that bought them. Double entry accounting? Economic woes?
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Replying to @Stephen_Geiger
Who cares about 20 years from now, how do I make money before the end of the year?
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Replying to @Stephen_Geiger
Preach!!
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Replying to @Stephen_Geiger
@StealthQE4
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Replying to @Stephen_Geiger
I probably give them too much credit but I assume it was a feature and not a bug.
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Replying to @Stephen_Geiger
A little simplistic hindsight. Issue a lot of long term debt in a pandemic which would have raised those l/r rates with increased supply and she gets crushed for causing a recession
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