Opposite Stanley Druckenmiller, 10-Year Isn't Very Important

Argentina doesn’t need to dollarize, but it very much needs a stable dollar. There’s a difference. But we’re getting ahead of ourselves.

For now, Stanley Druckenmiller is incorrect. The 10-year Treasury note is not the most important price in the world. Why would the cost of borrowing for an entity that produces nothing be important, or relevant to the productive parts of the global economy? Druckenmiller probably has an answer, though not a satisfactory one.