Screen grab.Posted on 03/02/2013 6:22:13 PM PST by SeekAndFind
Screen grab.
Noted hedge fund manager Stan Druckenmiller, 59, on Friday warned that the U.S. economy is headed for a “storm” that could prove to be far worse than the financial meltdown of 2008.
But first, if you’re not familiar with his name, here’s what you need to know: He’s one of the most respected and successful hedge fund managers in the past 30 years.
Obviously, you don’t achieve that type of success (or notoriety) on Wall Street by running your mouth. That being said, if Druckenmiller, a former partner of billionaire liberal philanthropist George Soros, is predicting serious economic trouble for the U.S., perhaps we should listen.
“I see a storm coming, maybe bigger than the storm we had in 2008, 2010. And really, the reason could happen without people looking as for a lot of similar reasons that we could get into,” he said during an interview with Bloomberg TV’s Stephanie Ruhle.
“But the basic story is, the demographic bubble I was looking at way back in ’94 that started in 2011, we are right at the first ramp-up of this thing that is about to hit,” he added.
His comments were made during a larger discussion on the dangers Social Security, Medicare Medicaid, and unfunded liabilities as high as $211 trillion, pose to future generations.
“I think people like me and others need to speak out. It’s about the future, not about the present where the problem is,” he said.
“While everybody is focusing on the here and now, there’s a much, much bigger storm that’s about to hit,” he added. “I am not against seniors. What I am against is current seniors stealing from future seniors.”
Watch the Bloomberg TV interview here.
However, if it’s any consolation, Druckenmiller isn’t totally without hope. Indeed, he actually thinks the U.S. has a chance of turning this ship around.
“With the proper education and with proper voices out there, we could have 40 million kids marching down to Washington,” he said.
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I absolutely do not trust a word this socialist scumbag says.
Proper education and with proper voices out there... I'm still laughing... gonna take a while to stop laughing. Ha-ha! Is the MSM going away?
This is just about where they lost me.
By the way...when did Fascist become "liberal"?
I believe that has been dated to 1912.
He’s talking about the revolt the younger generations will wage when the tire of paying so much for the older retirees. He’s right.
They did say “former” partner....wonder why they are no longer partners?
The next chapter of the ongoing saga named Obama Drama!
Current seniors stealing from future seniors? Who implemented the programs? Liberals. So why doesn’t he say current government stealing from future taxpayers?
Yeah, he's talking about older retirees getting back at least some of the money they dumped down the government toilet their whole working lives instead of talking about food stamps, welfare, WIC, the ballooning SSDI scam, Section 8 Housing, hordes of illegal aliens and their "anchor babies", "free" this and "free" that for the Democrat party's base of moochers, and all the rest of the government's waste, fraud, and corruption. Yeah. Let's lay it all at the feet of "older retirees". This guy is a Soros crony, so you know he's a socialist scumbag.
And by the way, he's wrong.
Aww, ya beat me to it
Post of the day.
It is criminal that the backbone of this country, the Great Generation, is being targeted they way they are.
SS is a problem for the future, yes, but that's not the biggest problem right now. We're headed for an unbelievable bond market crash because of all the money printing. It's going to hit us soon - not later.
This guy must be a commie leftist (pitting young against old because the elderly are using up all the vote buying money). If he were to be truly honest, he'd be going after oboma and the Federal Reserve big time right now instead. He'd be ringing bells and blowing whistles. We're about to get seriously nailed by these two.
>>>This guy is a Soros crony, so you know he’s a socialist scumbag.
Wasn’t Jimmy Rogers a former partner? Roger’s not a socialist scum bag. Soros is also on record bad-mouthing Rogers.
What he is has no bearing on if what he is saying is correct or not
The left is blaming it on those who cannot defend themselves. No way are they going to admit their mistakes. They never do.
The only reason the market is doing so well is the feds monopoly money. They're printing money and buying up securities.
This economy we're seeing right now is not real. Social programs for able bodied freeloaders and Obomas massive wasteful spending sprees have broke the bank. There's going to be an economic hit so big - the politicians will be walking around in a daze. You'll see them standing around in shock with they're mouths hanging open in disbelief. It's all going to come crashing down so fast, everyone is going to freak.
It can't be stopped, but cutting the size of government drastically now will at least make the crash a little less devastating.
And in my opinion--which was accurate about several market declines--I would add that this market is well beyond its underlying fundamentals.
Markets rest on fundamentals/substance. Those that do not are bound to fall.
Substance in our complicated world is, well, complicated...but substance is still substance.
And this market is based on BullSh!it.
Really???
Care to explain that?
“I am not against seniors. What I am against is current seniors stealing from future seniors.”
____________________________________________________________
IOW....you Baby Boomers need some ‘skin in the game’ or be culled. No, I’m NOT kidding.
“Look at our young people who are obsessed with the environment,” said Druckenmiller, who sits on the board of the Environmental Defense Fund. “They are looking at the consequences of our actions 50 to 60 years from today.”
His goal is to get them to have the same far-sighted reaction to their economic future.
Without fossil fuels these kids will have no economic future... energy is power, freedom, and prosperity!
“Storm”, no.. Armageddon, yes.
The feds can't keep printing monopoly money forever just to make Oboma look good. Eventually, their chickens are going to come home to roost and the American people are going to be the ones who suffer for it (but the feds have underground bunkers to hide in, so why worry?).
I find it interesting that you think seniors have no “skin in the game”.
Why do you think that?
I forgot the /s tag, sorry. I was being very sarcastic.
My elderly mom....who has payed into SS/Medicare all of her working life has been told she can’t have knee replaceable knee surgery for two years. She’s in chronic pain.
The coming inflation that will result is gonna be devastating.
Young against old.
Women against men.
Mother against infant.
Poor against rich.
Minority against Caucasian.
Earth against humans.
If the left couldn't create these "boogiemen", they'd have no one to blame their policy failures on.
Look what is happening right before your eyes and take heed. There’s a Great Storm coming you can feel it.
Listen to what the bible says: A prudent man sees danger and takes refuge, but the simple keep going and suffer for it. NIV Proverbs 22:3
One of the things that will hurt is the fact that many will not except that a breakdown is occurring even as they watch it happening before their eyes. Why don’t they realize it?It’s caused by a condition called ‘Normalcy Bias’ a mental state people enter when facing a disaster.
It causes people to underestimate both the possibility of a disaster occurring and its possible effects. This often results in situations where people fail to adequately prepare for a disaster, and on a larger scale, the failure of governments to include the populace in its disaster preparations. The assumption that is made in the case of the normalcy bias is that since a disaster never has occurred then it never will occur. It also results in the inability of people to cope with a disaster once it occurs. People with a normalcy bias have difficulties reacting to something they have not experienced before. People also tend to interpret warnings in the most optimistic way possible, seizing on any ambiguities to infer a less serious situation.
A good article on ‘Normalcy Bias’ is on our own ChocChipCookies Blog The Survival Mom:
http://thesurvivalmom.com/2010/12/29/normalcy-bias/
You either prepare and stand on your own beholden to no one or you become dependent on others to provide your basic needs and become their ‘serf’. Me I don’t want to be beholden to anyone for providing what is needed for me and mine. I certainly don’t want to have to kiss some ‘gubberment’ third class bureaucratic to try and coax some help from them, I don’t want some ‘jack booted’ thug herding me in line and telling me where to stand, sit, eat or sleep. And last but not least I don’t want to be shut up in with a bunch of ‘zombies’ and have to worry about not only trying to get basic necessities but having to fight to keep what I manage to get.
Its your choice you can prep or you can stand around on a bridge waiting for FEMA to bring you a bottle of water, a MRE, a warm blanket and a kiss for your boo-boo and maybe you can even get your picture as you stand there on the national news.
For those who are just starting or are old hands at prepping you may find my Preparedness Manual helpful. You can download it at:
http://tomeaker.com/kart/Preparedness1j.pdf
NOTE! THIS IS A FREE DOWNLOAD. I DO NOT MAKE ONE CENT OFF MY PREPAREDNESS MANUAL!
For those of you who haven’t started already it’s time to prepare almost past time maybe. You needed to be stocking up on food guns, ammo, basic household supplies like soap, papergoods, cleaning supplies, good sturdy clothes including extra socks, underwear and extra shoes and boots, a extra couple changes of oil and filters for your car, tools, things you buy everyday start buying two and put one up.
As the LDS say “When the emergency is upon us the time for preparedness has past.”
Again I like to recomend FReeper’s ChocoChipCookie Blog The Survival Mom (Please Blog Police let this one slide!) Where you can get lots of useful information like:
http://thesurvivalmom.com/2011/11/20/8-morale-boosters-for-any-worst-case-scenario/
http://thesurvivalmom.com/2010/02/02/survival-priorities-the-rule-of-three/
And More
“There is no greater disaster than to underestimate danger.
Underestimation can be fatal.”
He’s a Republican and always has been.
Exactly what is a hedge fund? It sounds like a con dodge.
You’re just another one with the mouth on the government tit.
Yep. We're heading into a calorie economy, where food will be the most valuable commodity.
Too bad about those who sold their souls to the devil. Those EBT cards aren't going to be able to buy squat.
Thank goodness! I thought you might be being sarcastic but wasn’t sure.
You would be surprised the number of people, even on this site, that feel like your sarcastic post.
It’s scary...and sad.
No, berdie. Real deal, here. Lost my FIL in the UK because he was ‘too old to treat’ with bladder cancer. They sent him home to die because he was too costly to the ‘collective’.
I have soooooo many stories.
I used to be able to access the UK NIH databases.....but they are locked down, now. They, basically, told the undereducated GP’s (from foreign countries, mainly) how to treat patients, when to refer them to specialists, and how much it would cost the “state” (collective). It was frightening.
Basically........ANYONE can practice medicine and a computer can tell them what to do.
A look into our future, I fear.
Get used to it. Our masters know that when they have cut down on the goodies, the 60-90 years olds will be less violent than the 15-45 year old inner city dwellers that have literally no skills except for drawing handouts from Uncle Sugar.
They can afford to have grandma starve if necessary; she and the rest of the Tuesday bridge club gals are not going go loot and burn down the Supermarket on the other side of the freeway, which is what would happen if the WIC cards stopped working.
Your fears are justified. I know. Yes, this IS coming.
Chris Christy is also a Republican. Is that supposed to be an endorsement?
Here’s the signal for the next phase of the fabian engineered economic crisis. Good thing they have all that ammo on hand to quell the riots.
There are two very glaring signs that the collapse of society is imminent: the federales are buying billions of rounds of ammo asap, knowing resupply will be impossible a year from now, and the federales have ordered lots of targets which depict children, pregnant women and old men as shootable targets now. The oligarchs destroying America see their goal as now in reach and are preparing their ‘government’ army to protect them from US when the end arrives. One can only pray the end is more like Agentina than Bosnia ... but I’m convinced it will be worse than Bosnia when the tens of millions in the big cities are no longer being trucked their food and piped their potable water. The time to bloat is past for civilians. Time to clean the battle weaponry and arrange the compound.
There might be a little quelling in the beginning, but it will be for show while the oligarchs disappear to their pre-arranged hideaways and island fortresses. All that ammo is stored to protect the oligarchs when the collapse arrives as planned, so they can escape to their compounds to wait out the slaughter by chaos and disease.
A "moderate" Republican, apparently.
No thanks.
And you're just another one with a big mouth.
—— My elderly mom....who has payed into SS/Medicare all of her working life has been told she can’t have knee replaceable knee surgery for two years. She’s in chronic pain. -——
I have family in the UK. This is typical of their system, and will be our future.
This graph shows that the average man and woman (average defined in the study as average income over their working lives and living to the average life expectancy) who start receiving benefits in 2010 get over 3 times more in benefits than they pay in to the system! Of importance, the study accounts for inflation by calculating all past taxes and future payments in 2010 dollars to provide an accurate comparison.
If the notion that Medicare recipients are simply "getting back what they paid in" is false then where is the money coming from? Simply, the excess received is being borrowed from younger generations and the cost is more than we can bear.
As far as medical costs are concerned, the more government sticks its filthy stinking paws in it, the faster the costs rise. The obvious answer is to extract government from health care. Additionally, medical costs are greatly effected by scumbag “jackpot justice” lawyers (like John Edwards, for example). Serious tort reform can bring down the costs significantly.
... the study accounts for inflation by calculating all past taxes and future payments in 2010 dollars to provide an accurate comparison.
Do the calculations adjust (to 2010 dollars) only the raw dollars that were paid in, or do they add the average compounded interest that would have been accumulated on top of those raw dollars had individuals invested the exact same number of dollars in exactly the same way over the course of their working lives themselves?
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