08/30/2026
🚨BREAKING: Treasury Secretary Scott Bessent just dropped the hammer on Sen. Elizabeth Warren after her letter on the yen intervention.
Warren suggested American taxpayers could be on the hook if Japan couldn’t “repay.” Bessent said that wasn’t a loan.
Treasury sold euros from the Exchange Stabilization Fund and bought yen. No new appropriation. No credit to Japan. Japan owes Treasury nothing.
Bessent: “I recommend Senator Warren take any entry level course in international finance for her and her staff, or I can personally give her a tutorial on Foreign Exchange for Dummies.”
“Although I am not holding my breath, I hope her next letter will demonstrate that she has learned the difference between a currency purchase and a swap or a loan.”
“She knows even less about foreign exchange markets than she does about banking.”
