Stanley Druckenmiller on deflations following asset bubbles

Every deflation has followed an asset bubble.  And since the Fed has created the biggest asset bubble... in history and the broadest, even though a lot of air's been let out of the balloon, it's so big, I just have to be open-minded to the consequences.  So we've had two really bad ones in the last 100 years: the U.S. in the '20s and Japan in '89.  They're still suffering.  So it could be just no growth and sideways for 15 or 20 years, like '66 to '82 in terms of the markets, or it could be something more pernicious like we had in Japan.  Frankly, I don't know.  I'm just trying to be open-minded.

~ Stanley Druckenmiller, interview with John Collison, 2022 Sohn Investment Conference, 1:02:55 mark, June 10, 2022