Stanley Druckenmiller, CEO of Duquesne Family Office, argued at the 2016 Sohn Investment Conference that U.S. central bankers have been "stumbling" in a short-sighted course of maintaining low interest rates.

"By most objective measures, we are deep into the longest period ever of easy monetary policy in history," he said of the Federal Reserve's policy of tamping down the federal funds rate, on which broader rates are pegged.

The notion of stimulating the economy through low rates and bouts of so-called quantitative easing -- in which the Fed has bought billions of dollars of assets tied to subprime mortgages -- are examples of "reckless" stimulus programs that the Fed has undertaken, according to Druckenmiller.

By relying on such a course, according to Druckenmiller, the U.S. has become overburdened with an unsustainable national debtload as Wall Street has become overly optimistic in its valuations.

"If we have borrowed more from our future in any time in history, we should be selling at a discount, not at a premium of valuations," Druckenmiller said, adding that the country's "myopic policy makers have no endgame."

In some cases it is necessary to rein in borrowing through central-bank rate hikes, even if it puts a temporary squeeze on the economy, he added, referring to tactics adopted by Federal Reserve Chairman Alan Greenspan.

After nearly 30 years, Druckenmiller closed his Duquesne Capital fund in 2010, and now manages investments for Duquesne Family Office under the mandate of promoting societal, economic, and environmental welfare.

Here's the text: See full coverage from the Sohn Investment Conference here. The event brings together some of the top minds in the financial world for a day of sharing investment ideas. It is held in honor of Ira Sohn, a Wall Street professional who lost his battle with cancer when he was 29. Proceeds from the New York conference, as well as other conferences the Sohn Conference Foundation holds, are dedicated to the treatment and cure of pediatric cancer and other childhood diseases. The foundation has so far raised more than $65 million.