DON’T BET AGAINST THE HOUSE
Treasury Secretary Scott Bessent says he’s “the house now” when it comes to Japan’s currency, and he’s daring traders to bet against him.
“I have pretty good insight into what the Bank of Japan is going to do. You can bet against me if you want.”
The U.S. and Japan already spent a record $96.4 billion this summer trying to prop up the yen after it hit a 4 decade low. It’s climbed back on its own since, no new intervention needed.
Every trader dreams of an edge like that. Most of them don’t also get to write the rules.
Just like Warsh, jawboning….he’s hoping to get the results he wants without having to actually do anything. endless currency debasement is what this all is….although the new stablecoins might help put a floor under the treasury market for awhile, but it’s just another can kick down the road.
THEY HAVE SUCESSFULLY KICKED THE CAN DOWN THE ROAD SINCE I HAVE BEEN INVESTING IN GOLD CIRCA 1990 ….DON’T BET THAT THEY CAN’T DO IT FOR THE REST OF YOUR LIFETIME AA FWIW
THEY HAVE A WHOLE TRUNK FULL OF FINANCIAL WIZARDRY …THEY ARE ALCHEMISTS…AND THE BIGGEST THING THEY HAVE GOING FOR THEM IS…EVERYBODY IS MORE THAN WILLING TO PLAY THE GAME…EVERYBODY EXCEPT A FEW HARD CORE GOLDBUGS WANT’S THEM TO SUCCEED….NOBODY WANTS THE ALTERNATIVE…SO THIS WILL GO ON AND ON AND ON BECAUSE EVERYBODY IS ALL IN ON IT
Yes, they have big soccer shoes for sure. Thanks for the reality check….