Stanley Druckenmiller is a legendary hedge fund manager, former partner of George Soros, and billionaire investor. He is one of the more levelheaded and reasonable of the hedge fund gods. He's made billions of dollars by reading the world economy correctly for several decades. So it's worth at least passing on the fact that he is convinced that a new financial crash is looming for America. Worse than the last one!
One thing you can do on Friday, at the end of the day, when you have a couple free minutes, is to pick up the phone fire all of your "financial adviser" and "investment consultants" and anyone else who takes money from you in exchange for recommending investments to you. Then just buy some low-cost index funds in a mix of stock and bonds, and then go to bed, because that is what smart people who don't like getting hustled do.
"What is going on with the economy these days?" you ask yourself as you sit on the bench in the park where you go every day after you tell your wife you're "going to work." I'm glad that you asked, brother. If you sort of squint and turn things sideways ever so slightly, it is possible to interpret recent economic trends in a positive way.
Even before all of Wall Street collapsed in September of 2008, bringing the national and global economy down with it, there was unemployment. Unemployment has always been a feature of this world. But since the whole "collapse of the economy" thing, it's been clear that if you lost your job, it was probably due to the nefarious work of economic villains far outside of your control. Not any more, though!
Today, global stocks sit at their lowest point in 15 months. In Europe, the markets are "in meltdown," as traders flee in fear of a Greek default that would devastate the continent's financial stability. The world's economy is stuck in a race car with a brick on the accelerator chugging full speed towards a ramp overhanging the tempting lip of the double dip recession. I think we can make it! Faster, faster, whee!