Druckenmiller Buys Safe Assets, Warns of Market Correction and Entitlement Cuts Amid Massive Government Debt

Billionaire investor Stanley Druckenmiller has bought "massive leveraged positions" in safer assets like short-term notes because he's "really nervous" about the economy.

Druckenmiller sees little to get "excited" about in the stock market right now. He believes the market needs a "fundamental adjustment" as price-to-earnings ratios are out of balance.

Druckenmiller criticizes Janet Yellen for not taking advantage of low interest rates to refinance Treasury debt when she had the chance.

He warns that entitlement programs will have to be cut given the massive government debt now over $33 trillion.

Druckenmiller blames politicians from both parties for the "crazy" math of government debt and thinks earnings will be flat at best next year.