According to billionaire investor Stanley Druckenmiller…
Janet Yellen is behind the “biggest blunder” in the history of America’s Treasury.
You know… the same Janet Yellen who said inflation was transitory.
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At last week’s Robin Hood Investors Conference…
Druckemiller didn’t mince words for the Treasury chief saying:
“When rates were practically zero, every Tom, Dick and Harry in the U.S. refinanced their mortgage… corporations extended [their debt]. Unfortunately, we had one entity that did not: the U.S. Treasury.”
“Janet Yellen, I guess because political myopia or whatever, was issuing 2-years at 15 basis points when she could have issued 10-years at 70 basis points or 30-years at 180 basis points.”
“I literally think if you go back to Alexander Hamilton, it is 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.”
Druckenmiller also warned that there would be long-term consequences for the US debt picture.
“When the debt rolls over by 2033, interest expense is going to be 4.5% of GDP if rates are where they are now,” he warned. “By 2043—it sounds like a long time, but it is really not—interest expense as a percentage of GDP will be 7%. That is 144% of all current discretionary spending.”
With US Government spending like a drunken sailor…
The US Treasury is expected to borrow a whopping $1 TRILLION by the end of 2023.
And interest payments will become the government’s biggest expense by 2051 – according to some estimates.
But Druckenmiller isn’t the only one sounding the alarm.
Other important names like Ray Dalio and Jamie Dimon have expressed similar concerns.
Dimon says that “the largest peacetime fiscal deficits ever” could stoke America’s inflation problem.
So if his prediction ends up happening…
The struggle to pay the bills could be about to get worse.
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