Gold at $4,300 sounds expensive until you measure it against the money supply. Chinese Yuan hits strongest level against the U.S. Dollar since February 2023. DOW 100,000 if we head into a severe recession?

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Scott Bessent was asked some hard questions by Japanese 🇯🇵 reporters yesterday about the sudden urgency of U.S. intervention in the yen.

This interview went totally under the radar.

To understand why people are concerned about this, the last time the U.S. intervened in the yen was during the Asian Financial Crisis of 1998.

By getting involved, the U.S. is clearly becoming concerned over the Bank of Japans failed efforts to stabilize the yen’s depreciation.

At the same time, if they intervene too much and arbitrage traders smell blood in the water the yen could rapidly reverse, appreciating against the U.S. Dollar and destroying the “Yen Carry Trade” that has pumped U.S. markets to nose bleeding heights.

Scott Bessent worked for George Soros and was directly involved currency arbitrage his entire career.

Many blame Soros for contributing to the UK currency crisis of 1992 known as “Black Wednesday” and the Asian Financial crisis of 1998.

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