Stanley Druckenmiller has come out against the Treasury's expanded long-end buybacks. His premise, held for five decades: markets aggregate information no committee can match. The lore writes itself. In 1992 he led the trade that broke the Bank of England, and a young man in the London office of that same fund is now the Secretary conducting the buybacks. I was trained on the same premise, so I want to state it more precisely than the lore does. What 1992 proved was that a fixed price defended with finite ammunition loses to a market that can bet more than the defender can spend. A buyback program promises no fixed price, so the old rule may not reach it. That is the real question the teacher has put to his student, in public, thirty-four years on. Bitcoin sits at the far end of the same spectrum: no defender, no ammunition, no committee. There, the question never arises.