Business_news ‘We have a global money-printing orgy going on’ so you should buy hard assets like gold, says former hedge fund manager

Business_news

  • Michael Novogratz, former head of Fortress Investment Group and founder of cryptocurrency bank Galaxy digital, said on Tuesday that there’s a “global money-printing orgy going on” and people should buy assets like gold and bitcoin to protect against possible currency devaluation. 
  • Speaking on CNBC’s Squawk Box, Novogratz said that as leaders like Nancy Pelosi talk about another stimulus, “money is growing on trees right now.” 
  • “At one point that comes home to roost,” he said, adding that he did buy some stocks, like Starbucks. 
  • Visit business Insider’s homepage for more stories.

There’s a “global money-printing orgy going on,” according to Michael Novogratz, who formerly led hedge fund Fortress Investment Group. 

As government leaders like Speaker of the House Nancy Pelosi push another stimulus bill to follow last month’s $2 trillion package, “money is growing on trees right now,” he said, speaking Tuesday onCNBC’s Squawk Box

—Squawk Box (@SquawkCNBC)April 7, 2020

The United States is preparing tosend $1,200 checksto some Americans, and on Tuesday Japan said it wouldplan a $1 trillion stimulus to combat the economic falloutfrom the coronavirus. 

Novogratz said that “at one point that comes home to roost,” speaking to the potential impact of the stimulus packages around the world. 

He said that he is buying “hard assets” like gold, and also bitcoin. Novogratz foundedcryptocurrency bank Galaxy digital

He added that he did buy some stock in Starbucks, as he assumes people will still buy coffee as the global economy recovers from the virus. 


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