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Quick Read Bessent helped Soros net $1 billion shorting sterling in 1992 and now manages a $40 trillion debt load as Treasury Secretary. Federal net interest costs hit $963 billion in ten months, roughly $3 billion daily, as old sub-2% debt rolls into 4.72% yields. Bessent orchestrated a rare US-Japan yen intervention to shield Japan’s…
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 culminates in Black Wednesday, when sterling exits the European Exchange Rate Mechanism (ERM). The trade nets Soros more than $1 billion. That analyst was Scott Bessent. Thirty-four years later, he is…