Moronic Billionaires

The Economic Predictions Of Billionaires

I fully realize that the title is redundant. You can’t be a billionaire without selling your soul, and to trade your everlasting soul for some temporary materialism is moronic. But it’s still a fun saying.

Nonetheless, they are really outdoing themselves recently. The predictions for massive economic growth, sustainable energy development completion by 2025, and so on by the world’s richest are usually quickly forgotten by the masses. But not here. I still remember them.

And many new predictions are still flowing in.

Particularly Druckenmiller, a hedge fundie, and also one of my least favorite of the moronic billionaires.

If you haven’t heard of him, this should suffice (1):

He is an American investor, hedge fund manager and philanthropist
From 1988 to 2000, he managed money for George Soros as the lead portfolio manager for Quantum Fund.
In 2015, Druckenmiller donated $300,000 total to the presidential candidacies of Christie, Jeb Bush, and John Kasich.
He is also a “top charity donor“: Roughly 20 percent of Slate’s list of the top 60 donors in 2009 are Jews (including the top giver, Pittsburgh financiers Stanley F. and Fiona B. Druckenmiller).

He had this to say recently:

Druckenmiller: “We Are In Deep Trouble… I Don’t Rule Out Something Really Bad”
For once, billionaire investor Stanley Druckenmiller did not say anything even remotely controversial when he echoed what we (and Morgan Stanley) have been warning for a long time, and said the Fed’s attempt to quickly unwind the excesses it itself built up over the past 13 years with its ultra easy monetary policy will end in tears for the U.S. economy.
“Our central case is a hard landing by the end of ’23,” Druckenmiller said at CNBC’s Delivering Alpha Investor Summit in New York City Wednesday. “I would be stunned if we don’t have recession in ’23. I don’t know the timing but certainly by the end of ’23. I will not be surprised if it’s not larger than the so called average garden variety.”
And the legendary investor, who has never had a down year in the markets, fears it could be something even worse. “I don’t rule out something really bad,” he said effectively repeating what we said in April that “Every Fed Hiking Cycle Ends With Default And Bankruptcy Of Governments, Banks And Investors” “
He pointed to massive global quantitative easing that reached $30 trillion as what’s driving the looming recession: “Our central case is a hard landing by the end of next year”, he said, adding that we have also had a bunch of myopic policies such as the Treasury running down the savings account, and Biden’s irresponsible oil SPR drain.
Repeating something else even the rather slow “transitory bros” and “team MMT” know by now, Druckenmiller said he believes the extraordinary quantitative easing and zero interest rates over the past decade created an asset bubble.
“All those factors that cause a bull market, they’re not only stopping, they’re reversing every one of them,” Druckenmiller said. “We are in deep trouble.”

While he is not wrong that we are “in deep trouble,” the average dissident saw this coming since probably around the time the covid lockdowns happened two years ago. Everything since then—the stimulus payments, the failure of the dollar, the energy issues, massive food inflation, the stolen election, and so forth—has only solidified this inevitability in the minds of those aware.

Additionally, this “legendary” billionaire apparently still hasn’t figured out that we are not facing a looming recession. We are already in one:

We’ve also entered the technical definition of a recession (which remains true even if they are ignoring the conventional definition to avoid it). A recession is commonly defined as a fall of GDP in two successive quarters.
The GDP in the first quarter of 2022 was -1.6 percent. The Q2 GDP was -0.9%. [1]. We’re in a recession, and have been all year.
Even with this GDP fact, the massive inflation, the oddities with unemployment/labor market figures, stagnating wages, and many major indexes like the Suffering/Misery index, our “experts” still refuse to believe we’re in a recession—potentially tumbling toward a depression.
The recession deniers are always very wealthy, elitist people. They don’t see the grocery store prices like you or I. They probably use bougie apps like Instacart and don’t track their own credit card spending.
We have an incredibly weak economy, but the recession deniers can’t see it because it doesn’t affect them. The mainstream soyjack economists making $200,000 from the government in Fed money don’t care if the cost of meat goes up.
Whereas most regular Americans that aren’t complete authority bootlickers, which would probably include all of my readers, know that there is a recession. Because they’re getting hurt by it.

Anyone that couldn’t figure that out at least two months ago is delusional.

But this billionaire is not alone. There are dozens of billionaires saying that “we may have a recession at some point”. Another big one is Ken Griffin (the founder of Citadel) who has also been saying we’ll have a recession in late 2023, apparently completely oblivious to our current situation. They are numerous. But don’t take my word for it, go search for the billionaire recession predictions. You’ll get a good laugh, if nothing else.

As a side note, why do these billionaires always look like soulless demons? Pay attention to the eyes:

I shouldn’t be surprised, but it’s always evident in the eyes. Every single time. “The lamp of the body is the eye. If therefore your eye is good, your whole body will be full of light.”

Does any billionaire look like they are full of light?

But anyway, back on subject to the economy.

One comment on ZH nailed it: