Former CalPERS manager Matt Cole joins to discuss the Treasury's recent move to increase the purchase of government bonds, a strategy he likens to putting duct tape on a leaking boat. Cole analyzes Stan Druckenmiller's warning that the US must address its spending or the dollar will become worthless. He argues the problem is structural and that regardless of who is in office, the political will to enact fiscal austerity is absent, making a weaker dollar the inevitable release valve.