"THE WORST MISTAKE IN FINANCIAL HISTORY-$34 TRILLION": LEGENDARY BILLIONAIRE STANLEY DRUCKENMILLER BLAMES US AUTHORITIES FOR AN IMPENDING CRASH IN CNBC INTERVIEW. Stanley Druckenmiller-a legendary investor with a net worth of $6.2 billion and a former associate of George Soros (with whom he made $1 billion betting against the pound in 1992)-delivered a scathing critique of the US financial system on CNBC’s *Squawk Box*. Key takeaways from his high-profile CNBC appearance: "Spending like drunken sailors": Druckenmiller stated that the US government is spending money as if the economy were in the throes of the Great Depression, ballooning the national debt to an astronomical $34 trillion. A major failure by the US Treasury: The investor identified Treasury Secretary Janet Yellen’s decision not to refinance government debt into 30-year bonds at zero interest rates-when the opportunity existed-as the biggest mistake in the department's history. Now, debt servicing is consuming the budget faster than defense spending. A debt trap for the Fed: Massive interest payments have backed the US central bank into a corner; it must either fire up the printing presses again-devaluing the dollar-or crash the markets with high interest rates. A threat to the stock market: The combination of social obligations and debt servicing costs will inevitably lead to a "hard landing" for the economy and hit the valuations of all key assets. What do you think: will the US be able to devalue its $34 trillion debt through hyperinflation, or is an inevitable collapse awaiting the global financial market? 👇