Treasury’s bond buyback plan fights the market and heightens the danger, billionaire Druckenmiller says
The billionaire investor argues the intervention removes a vital check on government borrowing and fiscal accountability while markets remain the better judge of prices.
Source: CoinDesk
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DW NOTE
Druckenmiller is right that buybacks remove price discovery, but the danger isn't theoretical — it's here. The US is running a $1.4 trillion deficit through June, 3% higher than last year, while funding costs compound and the Strait closure guts tax receipts. The Treasury now intervenes to suppress the yield signal that would otherwise force fiscal restraint. That's not market support, it's the pre-default playbook.