American billionaire Stanley Druckenmiller predicted hyperinflation and the collapse of markets.
According to the investor, the Biden administration's plans to spend $2 trillion on infrastructure projects are capable of overheating the American economy and turning into a "devastating collapse".
Unprecedented injections of central banks for $10 trillion generated a rally in the markets from stocks to raw materials and threw the capitalization of global stock exchanges to an unprecedented 125% of GDP.
"This is the biggest bubble in my career," the billionaire noted.
Druckenmiller, a former associate of George Soros on his Quantum fund, is considered one of the most successful investors on Wall Street with a personal fortune of $4.8 billion.
In June 2019, he predicted the defeat of Donald Trump in the election, suggesting that he could destabilize the fragile economy.
The markets will collapse by 50-75%, so everyone should stock up on gold, says David Stockman, a former congressman and head of the Congressional Budget Office under Ronald Reagan.
In his opinion, "the head of the Fed, Powell, and his merry group of crazy money printers are criminally incompetent, and large-scale money printing is not justified by anything."
Over the past almost two years, the Fed has printed more dollars than in the previous 100 years of its existence. Therefore, gold is the only asset that will retain its value over time, Stockman believes.