for certainly they did crash the pound and that is this guy's then druckenmiller he was on one of the financial news shows here in the united states and he predicts inflation and deflation out of the ordinary huge numbers he sees inflation will hit 5 to 10 percent over the next 4 to 5 years and he said that's based on what he heard at virtual jackson hole that the fed is encouraging the government to print more money more stimulus so fiscal stimulus and that's like m m t he said and this is going to cause inflation on the other side he said they're all there asset price bubbles that the fed is stoking is going to cause collapse which will cause a 3 to 5 percent deflation on the other side so both tails he calls it right well i mean this is because it plays into been talking about this for a while for a couple of things 1st of all definitions for the words inflation and deflation this is that the fact that he can say both are happening at the same time or could happen the same time you have to ask yourself what's the what's the use of even using words like inflation or deflation becaus

and so on the lack saying that while druckenmiller saying there is an inflation risk or is causing prices to go up. simultaneously though you are living on a ship that is sinking due to the implosion of the velocity of money and therefore the collapse of the bond market and we know that the bond market has collapsed because the only way that america can sell sovereign bonds or government is to buy them back from itself if america wasn't buying back its own debt then know there would be no bid there would be nobody buying the debt and like in 1971 the american government would have to declare bankruptcy or insolvency which is what nixon did when he caused the gold window so net net you have. an economy that would be similar to what you might find at a funeral home it's a cadaver that's being drained of all his life fluids but people are mistaken the formaldehyde of money as a reanimation of the corpse and that we should then put this corpse up on its own 2 feet and ask it to walk out. out of the funeral parlor which is asking too much of a corpse this american economy dive in 2008 there's

stanley druckenmiller became the ceo.ey canada, president of the harlem children's zone and i think of as the guy who thought this up. and was early 20 years ago and kwame owusu-kesse. he's ceo currently of the harlem children's zone. so we've had this conversation before, gentlemen. and i think most people know what we're talking about let's tart there, again, geoff, because it was 20 years ago. you look around and tried to figure out what do we need to do we need to look at these poor communities and structure a middle class environment for these kids whoa, how much would that cost and is it even possible. that's what you did. it was funded and it was expensive, but you started using data early on and you got data to prove that it works does that summarize essentially what happened, geoff >> i think it summarizes what happened, how it happened. but i want to start the morning by doing something radical that i've never done on national tv before i want to say how much i love stan druckenmiller you know, we've been partne

investor stanley druckenmiller and harlem children's jones are going to join us to talk about the nation's education system. we'll get stan's take on the recent mark downturn as well lots to talk about with these gentlemen. then we have senator ted cruz. he'll be joining us to talk about virus relief and his new legislation which includes tax relief to employers and employees. right now as we head to a break let's look at aflac trivia question according to the brewers association which craft brewery is number one in sales volume. we'll have the answer when we we'll have the answer when we come back. aflac. what he said. and this unexpected bill is from... the two-thousand-dollar specialist. thanks. aflac. when you're sick or injured, aflac is there. we can help with expenses health insurance doesn't cover. get to know us at

for certainly they did crash the pound and that is this guy's then druckenmiller he was on one of the financial news shows here in the united states and he predicts inflation and deflation out of the ordinary huge numbers he sees inflation will hit 5 to 10 percent over the next 4 to 5 years and he said that's feast on what he heard at virtual jackson hole that the fed is encouraging the government to print more money more stimulus so fiscal stimulus and that's like m m t he said and this is going to cause inflation on the other side he said they're all there asset price bubbles that the fed is stoking is going to cause collapse which will cause a 3 to 5 percent deflation on the other side so both tails he calls it right well i mean this is you're right because it plays into been talking about this for a while for a couple of things 1st of all.

. >> a lot of talk about inflation, too, druckenmiller saying it could be over 10%. terra, let me ask you how you would be recommending the position here, especially if tech is over its skis. what do you think about valuations here? >> well, i'll disagree with jeff and stan druckenmiller at the risk of everything that comes with that. they're very colorful but they've been wrong jeff said in 2017, sell everything and run he said 2019 would be the year no one made any money, and you could buy bitcoin, you could buy gold, stocks, bonds, you made money. i do think it's important to pay attention to risk, no doubt about it the stocks that dominic was pointing out earlier, the big four, you could add in a couple more, those have been pulling up the market for sure. there are a couple other areas that may be a little less exciting to look at that can make a lot of sense in this market for risk, because you can't guess what will happen with return, but you can actually diversify your risk >> terra, you sound a little bit like jim cramer who says be careful, these are people

let's talk about what is working in the market that druckenmiller says is a ragingmania.here. do you agree what's going on here >> good morning, andrew. i think honestly, if you look beneath the surface since the march lows, it is a rational market those sectors are where people are spending money it is technology, home improvement, online retail, it is more rational >> with that said, looking to those that's what i think is happening. >> i'll ask you one more question, yes, the stocks of people who have moved their money in terms of the amazon and walmarts and valuations have gone through the roof. the questions i would ask is are those sustainable money and market share if you believe the market is discounting or even looking at 12 months, 18 months out if you believe that there is some form of a vaccine or something coming, you have to hope people aren't spending that same kind of money at home depot, right >> there is a rational in the recovery on the march lows i would 100% agree we have gone a bit too far into that theme. what we've been seeing is some profit taking

number one top investors in the wall the weather is warm weather is the raid whether it was 10 druckenmiller they all were exiting they were all. fleeing while the ordinary person was coming in because the ordinary person does like they don't mind the coin clipping if you have. the bread and circuses if you have all the fun games and certainly we're having these bizarre good teams now in america whether it's between the riots and and and like militias versus activists like shooting it out in the street burning down buildings burning down cities maybe you know some people see that as fun like gladiator again that's just don lemon over at c.m.s. yeah so you know that's part of the bread and circuses we have these party conventions which are. because i don't want to overmodulated blow out the audio files i won't act like kim guilfoyle oh wow she was definitely excited now but these are part of the economic clipping times this is you know when you have when the entire economy and your entire money monetary system all that it has left is vomit fraud and who you can package that fraud up and sell

druckenmiller on "squawk" earlier this morning take a listen to what he said. >> right now we're in anute raging mania. we've got commentators on your network encouraging companies to do stock splits, companies then go up 50%, 30%, 40%, big market cap companies on stock splits. >> all right jim, so critics would argue that stan has been echoing a variation of that theme for many years. >> right, and i know i've been -- i've been a proponent of stock splits i'm not a proponent -- look, i have never said they created value. i do say that they allow people who are -- want to buy some shares to come in and that when the apple split occurred there will be people who probably sell a fourth of their stock and maybe that's your chance to get in and that's what's happened. look, could i say that stan is picking on me for stock split. no i think what stan is saying is you don't buy a stock because it announced a split. he and i certainly agree on that i do encourage people to come into the market but that's been my mantra since 1981 i'm not going to change my stripes now. is there a raging mania

something like that anyway you know what max was a champion in predicting this sort of headlines then druckenmiller speaking of london i guess they used to run the quantum fund out of there right the in george soros yeah i'm not sure where they dhamma styled probably somewhere waiting. for certainly they did crash the pound and that is this guy's then talking miller he was on one of the financial news shows here in the united states and he predicts inflation and deflation out of the ordinary huge numbers he sees inflation will hit 5 to 10 percent over the next 4 to 5 years and he said that's based on what he heard at virtual jackson hole that the fed is encouraging the government to print more money more stimulus so fiscal stigma.

looks to drop about 100 points and the nasdaq to pull back about 90 basis points speaking to cnbc, druckenmiller issued a stark warning over market volatility. >> right now, we are in a ragingmania. we have commentators on your network encouraging companies to do stock splits and going up 30 and 40%. i think the merging of the fed and treasury, which is effectively what is happening during covid sets a precedent we have never seen since the fed got their independence it is creating a raging rainia and has not spilled over to main street >> the ecb council will hold a policy meeting amid concerns a stronger euro could pull into a deeper territory madam lagarde expected to keep rates steady instead getting out to annette with a special guest to set us up for today's meeting. >> thank you it is a bit of a tricky situation right now. we have more disinflationary pressure that means, that's the only mandate they have to act at one point. this today remains to be scene joined by the head of macro research, thank you very much. we are just saying there is a lot of pressure on the ecb to act today. i do

my p & l is such that i've got to be stan druckenmiller or dave tepper honestly. >> of course i understandt's got to be incredibly frustrating to be the owner of one of these establishments and it is a life-threatening so to speak situation for your business including i would assume yours. >> yes i don't want to take people's temperature when they go in. i own a bar. you're not supposed to sit at the bar. well, okay, what do i do hi, i have -- i had 17 tables, now i've got three tables. but my costs are the exact same. i mean, what kind of business is that >> yeah. >> and, look, i have the luxury of making it so it's a labor of love there are millions who don't have that and those are the people who want this bill passed or want something from washington. >> right. >> and, david, washington is a loss. >> we seem to get closer and closer to nothing. the skinny offering made by mcconnell didn't even get out of the senate. >> no. >> you know, it just -- here we are, it's weeks later. it's weeks now since we had mnuchin on and pelosi on that day, remember, jim obviously you remember, we were t