Thank you very much for posting this. A very nice contribution to ET indeed. The stuff that begins about 25.14 was most interesting to me. That's where Druckenmiller comments on his observations of how QE affected bond prices. His comments regarding the Greenspan Fed's lowering the Funds rate in late 2003 also caught my ear because I have commented in ET postings on the same and how inappropriate that last rate cut in 2003 was given market conditions. I have, here in ET posts, attributed the late November 2003 cut to Greenspan being very much a political animal, much more so than other Fed Chairs, and his judgement having been clouded by recognition that we had an election coming up. I had hoped I was wrong, but nothing Druckenmiller said persuaded me that I was, unfortunately. I have great admiration for both Druckenmiller and his mentor, George Soros. I have learned much from both these men.