Emerging markets were the most egregious recipients of free money due to the double effect of vanilla money managers pouring capital into them plus absence of market constraints on political actors, as exemplified by Argentina issuing 100-year bonds at 7% despite historical inability to survive 5-10 years.
causalpending
Speaker
Stanley DruckenmillerEvidence Quote
“there was no more egregious recipient of free money than emerging markets because you had the double whammy a all the vanilla money managers poured money into the place B you had no market's constraints on the political actors”
Created: 8/10/2026, 10:51:28 PM
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