Is This Biden Official Behind the Biggest Treasury Failure in US History?
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The biggest blunder in the history of the United States Treasury. That’s what billionaire Stanley Druckenmiller and we bring up Stanley on the radio show often. He pulled no punches. Pulled no punches. He was doing a little fireside chat at a charity event with Paul Tudor Jones and in his view.
Janet Yellen made the worst mistake in the history of the Treasury by not issuing more long dated government bonds before the Fed began hiking rates. Holy, yeah, see, I told you so moment. So again, Stanley seeing things the way we saw things. Again, go back to our podcast radio shows from a while ago, and I’m scratching my head. I’m saying to myself, why is it
Why is it when money is so damn cheap, why isn’t our United States Treasury going out and borrowing on the long end? Because this just cannot last forever. Everybody went out and refinanced their house. Everyone. Businesses went out and borrowed as much money as they possibly could because money was so cheap. How is it that the Treasury Secretary of the United States
couldn’t figure that out. And again, you know, there’s some blowback with this, you get obviously some of the Wizard of Smart Economists, oh, there’s no way we could do it. You can’t run the Treasury Department like a hedge fund. And it has nothing to do with running a hedge fund. It has to do with the understanding that we are way in over our heads with debt. And if rates go up, the financing costs are going to go through the roof. Now,
Stanley Druckenbiller, he was on CNBC this morning and he actually he’s got a big group over there at his family office and they did some calculations just over the past year and a half. Just over the past year and a half, we the taxpayer have spent 1.2 trillion, basically he calculated because they didn’t refinance. If they refinance just a year and a half ago, right before things started to go haywire, even they could have done it earlier.
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It’s going to cost we the people of the United States of America because they failed to refinance and issue more long-term debt, an additional $1.2 trillion. That’s just, that’s being conservative, okay? That’s giving the Treasury the benefit of the doubt. Going to cost you and I an additional $1.2 trillion. How do you like them apples? I don’t. Watchdog on wallstreet.com.