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Investor Druckenmiller expresses views on the economic situation

Stanley Druckenmiller, a legendary investor, warned on Wednesday at CNBC’s Delivering Alpha event that he would be “stunned” if a recession did not materialize in 2023, given the bleak economic outlook for the United States.

Following is the transcript:

STANLEY DRUCKENMILLER: I do not know the exact date, but it will definitely be by the end of 1923. I would not be shocked if it is smaller than the normal garden variety. It is not my forecast, but I do not rule out the possibility of a catastrophic event. Why? Because the liquidity issue has driven this, we are following an asset bubble from all this QE and QT. The strategic petroleum reserve is presently below 1984 levels, despite the fact that oil consumption is significantly higher.

We’ve implemented a number of shortsighted policies that have delayed the liquidity decline. […] Our most likely scenario is a hard landing by the end of 2023, but I am unsure. I could be incorrect; I’ve been wrong about many things in the past.

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