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Thoughts From Investor Druckenmiller On The Dollar's Decline

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EDITOR NOTE: Legendary hedge fund manager Stanley Druckenmiller has a point: it’s about looking at what’s in front of you. He says, “I’m not looking for the dollar to crash or anything,” yet the fundamental forces behind it can’t seem to yield anything but a collapse. Amid the pandemic, the pandemic response, and the Federal Reserve’s massive monetization of debt, there is no bright case for the dollar, nor the purchasing power fueling the American lifestyle.

Legendary investor Stanley Druckenmiller has been saying much of the same for awhile. It's a good interview though, if you can track it down, particularly the parts where he talks about foreigners slowly exiting Treasuries and US stocks to put pressure on the dollar:

  • I'm not looking for the dollar to crash or anything
  • The FX market tends to move slowly
  • Covid is the most unique economic period I've ever lived through or studied
  • Deficit increased during covid more than last 5 recessions combined
  • The Fed mirrors similar extreme measures
  • Fed bought more Treasuries in six weeks than all of Bernanke/Yellen combined
  • The Fed has been monetizing the debt
  • All the money coming into the US into bonds and equities over last 10 years will be slowly seeping out
  • There's a high probability of inflation in 5-6 years, starting in about a year
  • I own a tiny bit of Bitcoin but I own a lot more gold
  • Likes Rio Tinto, BHP, Freeport-McMoran
  • Says pull-forward could hurt home reno stocks and things like Clorox
  • You can see the light at the end of the tunnel

Originally posted on Forex Live

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