The Fed Is Monetizing Debt Again – David Einhorn

David Einhorn

David Einhorn is een Amerikaanse investeerder en hedgefund manager, met een kritische instelling ten aanzien van de manoeuvres van de Fed en Centrale banken.

It was back in 2012 that famed contrarian and value investing hedge fund icon, David Einhorn, first took aim at the pinnacle of market manipulation when he slammed the Fed for creating the ultimate toxic cocktail: something he called the Jelly Donut Policy. As the Greenlight founder wrote in May 2012, the Fed is “presently force-feeding us what seems like the 36th Jelly Donut of easy money and wondering why it isn’t giving us energy or making us feel better. Instead of a robust recovery, the economy continues to be sluggish.”

Duur: 21:28

Publicatie 1 november

Volledige Transcriptie

Ryan:  David welcome to the podcast.

David:  Hi Ryan. Thanks for having me.

Ryan: Well, it’s great to have you here.  Really appreciate you coming on.  First off, I wanted to  explain  a little bit to the  audience of  why we  have you here,  and  when  I  decided to launch this  podcast,  I  was trying to  think of  a great name that  captured the subject of  the show  everything  related to macro and  monetary policy  and I immediately thought about your article.  So, going back to 2012 you wrote an article called  The  Fed’s  Jelly Donut Policy in The Huffington  Post  and used a story  about The  Simpsons  to  explain  a  long periods of  QE and zero interest  rates  may  actually be harmful  to the real economy.  And  it turns out  a lot of  what you  said,  they’re  panned out  inefficient allocation of Capital  stock  Buybacks with no urgency for corporations  to  invest to reach for yield  from all investors,  especially  to Retirees  so  a lot  has happened  since then  take us  back  to the feedback you  got from the article and  if your views have  changed  since.

David: Well honestly, I think the best feedback I got from  the article is  somebody’s naming their  podcast  after it. How can  how can you beat that?  And I’m honored to  be here for the first  one of these and I expect after I speak today, you’ll  probably get  all kinds of feedback  and I  will hopefully learn  from listening to the  feedback  you get  because I’m not a trained Economist.  I’m  not  a  macro-economist,  I’ve never worked in the plumbing of the fed  or any of these  things. I’m basically an equity Market investor,  and I  think I  have  a few  observations on  some of  these  things from time  to  time, but I  don’t  profess  to  be  a technical  expert in  all the  mechanics  of everything.


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