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Home»Regulation»‘We’re going to go bankrupt very soon’ – Billionaire Paul Tudor Jones warns against wild government spending
'We're going to go bankrupt very soon' - Billionaire Paul Tudor Jones warns against wild government spending
Regulation

‘We’re going to go bankrupt very soon’ – Billionaire Paul Tudor Jones warns against wild government spending

2024-10-23No Comments2 Mins Read
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Billionaire hedge fund manager Paul Tudor Jones says the US is heading for financial ruin if the government doesn’t get its spending under control.

In a new interview on CNBC, the founder of Tudor Investment Corporation says major cuts in government spending or tax increases are necessary to get US budget deficits under control.

However, Jones believes that presidential candidates Donald Trump and Kamala Harris are “the least suited for the job before them,” and are likely unprepared or unwilling to make the necessary adjustments, including cutting 20% ​​of the federal workforce.

“We will go bankrupt very quickly unless we seriously address our spending problems.” I don’t know if we can cut that much…

I’m saying that to get us to the point where we stabilize the debt-to-GDP ratio to where it is today, here’s what you need to do: you need to let the Trump tax cuts expire, which is $390 billion. You have to increase the payroll tax by 1% for each person, that’s another big blow… We’re clearly going to see a period of contraction, which hopefully – that’s why I say it will be very important for the Fed to compensate for this budget contraction that is coming.”

Jones adds that he “doesn’t want any of this,” but that the US needs to seriously think about where it stands on the budget front.

With his gloomy view of the US financial situation, Jones says that “all roads lead to inflation” – creating a strong case for gold and Bitcoin (BTC).

“I’m long gold, I’m long bitcoin, I think commodities are so ridiculously undersupplied, so I’m long commodities. I think most young people find their inflation hedge through the Nasdaq, which has been great too. I probably have a basket of gold, Bitcoin, commodities and Nasdaq, something like that. And I have zero fixed income. If I had my money it would be very short lived.

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