The macro establishment is turning on itself as Stan Druckenmiller challenges Scott Bessent’s efforts to suppress long-term Treasury yields.

This week, we unpack the Druck-Bessent clash and what it reveals about fiscal policy, Fed independence, and market intervention.

We also preview Warsh's Jackson Hole speech this week, potential bond-market manipulation, AI bubble risks, and whether the debasement trade is here to stay. Enjoy!

TIMESTAMPS:

00:00 Intro

02:43 Druckenmiller Calls Out Bessent

05:51 Is Druck Actually Helping Bessent?

08:42 Druck’s AI-Written Op-Ed

13:50 Treasury Escalates Bond Buybacks?

16:05 Why Yield Suppression Fuels Debasement

19:52 Ads (TOKEN2049, DAS Asia, Avalanche Summit)

21:28 Jackson Hole And Warsh’s Dilemma

27:20 America’s Term-Premium Problem

30:43 Anthropic And The AI Bubble

37:48 AI Repeats Crypto’s 2021 Playbook

42:48 Will The Government Bail Out AI?

47:03 The Debasement Endgame

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DISCLAIMER

Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.