Monday, 24 October 2016
Last updated 2 days ago
Sep 23 2013 | 10:12am ET
Stanley Druckenmiller has been anything but reticent about speaking his mind in retirement, and last week took aim at the Federal Reserve's failure to begin cutting back on its economic stimulus program.
The Duquesne Capital Management founder told CNBC that the decision not to taper its $85 billion-a-month bond-buying program was in effect a massive regressive wealth-distribution policy.
"This is fantastic for every rich person," Druckenmiller said. "This is the biggest redistribution of wealth from the middle class and the poor to the rich ever."
"Who owns the assets? The rich, the billionaires," Druckenmiller, himself worth about $2 billion, said. "You think Warren Buffett hates this stuff? You think I hate this stuff? I had a very good day yesterday."
Despite his own personal profits, Druckenmiller warned that continued quantitative easing won't solve the U.S.'s economic problems.
"Maybe this trickle-down monetary policy that gives money to billionaires and hopefully we go spend it is going to work," he said. "But it hasn't worked for five years."