Billionaire investor Stanley Druckenmiller on Tuesday blasted fiscal and monetary authorities, including Treasury Secretary Janet Yellen and Fed Chair Jerome Powell, for causing high inflation.

“Bidenomics, If I was a professor, I’d give him an ‘F,’” Druckenmiller said. “Basically, they misdiagnosed Covid and thought [the economy] was going into a depression. The Fed did, too.”

“Treasury is still acting like we’re in a depression,” he added. “They’ve spent and spent and spent, and my new fear now is that spending and the resulting interest rates on the debt that’s been created are going to crowd out some of the innovation that otherwise would have taken place.”