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Paul Tudor Jones: 'All Roads Lead to Inflation;' He's Long Bitcoin and Gold
The U.S. government's debt and deficit issues aren't going anywhere no matter who wins the presidency next month, said Jones.
Updated Oct 22, 2024, 3:52 p.m. Published Oct 22, 2024, 3:41 p.m.
- The U.S. will need to inflate and outgrow its debt burden, Paul Tudor Jones said in a CNBC interview.
- He recommended owning a basket of gold, bitcoin, commodities and Nasdaq, and staying away from fixed income.
Ballooning U.S. debt is at an unsustainable trajectory, billionaire hedge funder Paul Tudor Jones told CNBC on Tuesday and he's favoring bitcoin , gold and commodities instead of bonds.
"I think all roads lead to inflation," he said. "I'm long gold, long bitcoin." Tudor added that he would short fixed income, particularly longer duration paper.
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His comments about the fiscal situation echoed similar warnings from other major public figures, with even Federal Reserve Chair Jerome Powell noting that U.S. debt levels are untenable. Tudor's fellow legendary investor Stanley Druckenmiller recently also disclosed betting against U.S. government bonds.
The U.S. is at an "incredible moment in history," said Tudor, with the national debt ballooning to nearly 100% of GDP now from 40% only 25 years ago. Whoever will be elected next month will have to deal with the issue, he added, but campaign promises of additional spending and tax cuts made by Harris and Trump would only exacerbate the problem.
"We are going to be broke really quick unless we get serious about dealing with our spending issues," he said.
The only playbook to get out of the situation is to inflate and outgrow the debt burden, argued Jones. In this case, the Federal Reserve "should be easy" running nominal interest rates lower than inflation and supporting nominal economic growth above inflation.
He suggested a "basket of gold, bitcoin, commodities and Nasdaq, and zero fixed income."
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