(Daily Caller) - Billionaire investor Stanley Druckenmiller foreshadowed a “hard landing” for the American economy during a Wednesday summit, echoing crisis warnings from other investors and financial experts since early 2022.
“I will be stunned if we don’t have a 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,” Druckenmiller said during CNBC’s Delivering Alpha Investor Summit, according to MarketWatch. “I don’t rule out something really bad.”
In a clip shared online, Druckenmiller predicted that by 2027 “the interest expense alone on the debt eats all healthcare spending, by 2047, it eats all discretionary spending.” His comments were focused on how this economic collapse will potentially render the U.S. unable to serve the next and current generation.
“I brought some cyanide if you’d like one,” Druckenmiller joked, adding that he and the panel host would “be dead” before this catastrophe significantly impacts their own lives.
Despite his jokes, Druckenmiller’s forecast aligns financial experts Nouriel Roubini and Michael Burry’s predictions. Roubini said in September that “many zombie institutions, zombie households, corporates, banks, shadow banks and zombie countries are going to die,” from interest rate rises and debt service cost increases, also described by Druckenmiller.
Burry, who shot to fame after Christian Bale portrayed him in hit-film “The Big Short,” sold all but one of his U.S. stocks in Q2 of 2022 before warning of a massive impending crash. In March, BlackRock president Rob Kapito claimed that an “entitled generation” will be shocked by the upcoming shortages that will remove everyday items from shelves around the U.S.
By Kay Smythe
October 3, 2022
