Scott Bessent can’t do anything right. He just announced a paltry bond buyback that fell flat with the market responding by pushing rates higher. Bessent also proclaimed that he is “the house” and that people shouldn’t bet against him because he has inside information about what the Bank of Japan is going to do. Interesting. The guy doesn’t know what our central bank is going to do but he has the inside track on the BOJ? The market there is also telling him to get lost. And after he said he would cripple the Iranian regime in a matter of weeks or months with sanctions, the Iranians have been striking back and have now declared that they’re going to cripple our economy. Bessent is going to go down in history as the worst Treasury Secretary we’ve ever had.

Resources

Bloomberg Television: Bessent Tells Yen Traders ‘I Am the House Now’

CNBC International Live: ‘I am the house’: Scott Bessent’s challenge to traders

Bloomberg Television: Commodities Bull Market Is Underpriced: 3-Minutes MLIV

ABC News: Oil Prices Climb Over $100 per Barrel as War in Iran Continues

Bloomberg Television: US Treasury to Buy Up to $6 Billion in Long-Dated Debt

Fox Business Clips: ‘SLINGSHOT’: Treasury’s rate move gets BRUTAL reality check

IMF: Did the Plaza Accord Cause Japan’s Lost Decades?

U.S. Department of the Treasury: Treasury Launches Unprecedented Campaign Against Iranian Regime on Economic D-Day

The Hill: Iran reignites Strait of Hormuz fight as US tightens squeeze

NBC News: Diesel hits all-time high of $6 per gallon, and just about everything will cost more

Brookings: What is yield curve control?

npr: Trump’s controversial nominee drops bid to head vital data-gathering agency

U.S. Department of the Treasury: Henry Morgenthau, Jr. (1934 - 1945)

United States Holocaust Memorial Museum: Henry Morgenthau Jr.

npr: The IRS slashed its staff. One result? More taxes going uncollected

UNFTR Resources

Video: The Treasury Secretary Who Can’t Get It Right

Essay: Scott Bessent Can’t Stop Failing.

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