Bankless · Friday, August 28, 2026
Legendary investor Stan Druckenmiller publicly rebuked Treasury Secretary Besant's efforts to suppress long-term bond yields, calling it a 'subsidy to procrastination.' Druckenmiller, a former mentor to Besant, argued in the Wall Street Journal that artificial yield suppression exacerbates the U.S. debt problem.
“The long-term treasury yield is the most important price in the world. It is also the only fiscal disciplinarian the US has left. Every basis point of artificial yield suppression is a subsidy to procrastination.”
“If the 30-year must trade at 5.5% to clear, that isn't a crisis, it's an invoice.”
“So he's saying basically, you got to pay up. Stop doing this suppression stuff. It's not going to work. It's a bad idea. You're just continuing to kick the can down the road and make the problem worse.”