His mentor’s verdict:
– Druckenmiller ran markets for 5 decades
– Calls this “price management”, not liquidity
– $4B buybacks vs a $30T market = a subsidy to procrastination
– Suppressed yields let Washington dodge entitlement reform
His warning:
Every bps saved now costs multiples in delay.
Fix the deficit, or the bond market does it for you.
The man who taught Scott Bessent markets just torched his bond-buyback programme.
His mentor's verdict:
– Druckenmiller ran markets for 5 decades
– Calls this "price management", not liquidity
– $4B buybacks vs a $30T market = a subsidy to procrastination
– Suppressed yields…
— Nic (@puckrin) August 25, 2026
It's all just short term focused. Legit destroying confidence in bonds long term for short term yield control
— Nic (@puckrin) August 25, 2026