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 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