by Jeff Berwick
Billionaire trader, Stanley Druckenmiller, recently stated that the current situation in the global economy is similar to the situation on the eve of the crisis of 2008.
At the Ira Sohn Investment Conference in New York, he said, “The bull market is exhausting itself… The Fed has borrowed from future consumption more than ever before. It is the least data dependent Fed in history. This is the longest deviation from historical norms in terms of Fed dovishness than I have ever seen in my career.”
And Druckenmiller was quoted by CNBC, saying, “This kind of myopia causes reckless behavior.”
He warned that people should get out of the stock market and buy gold.