Scott Bessent Takes Hedge Fund Ways Into Treasury

He was saving the bond market. Or laying the groundwork for a new currency system. Or rescuing a major bank from imminent collapse. The internet has plenty of wild theories about why Treasury Secretary Scott Bessent intervened in currency markets to prop up the value of the Japanese yen on Friday after it hit a 40-year low. Yet the real explanation is probably a lot simpler — and, unfortunately, a lot more worrying. Read Full Article »