Quick Read
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Bessent helped Soros net $1 billion shorting sterling in 1992 and now manages a $40 trillion debt load as Treasury Secretary.
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Federal net interest costs hit $963 billion in ten months, roughly $3 billion daily, as old sub-2% debt rolls into 4.72% yields.
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Bessent orchestrated a rare US-Japan yen intervention to shield Japan’s $1.1 trillion Treasury position and prevent a damaging long-end rate spike.
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London, September 1992. A Yale-educated analyst in his late twenties at George Soros’s fund helps build a short position against the British pound that…