America's Yen Rescue Was Never About Japan
It was about protecting the Treasury market from its own largest owner.
Read the full article here: https://t.co/CMfuqv1M8C
The circus is here... 🎪
Central bankers are watching sovereign bond yields jump to multi-decade highs...
Then they look at their own balance sheets.
Maybe there’s a eureka moment somewhere in there:
Printing trillions to inflate the biggest sovereign bond bubble in history may not have been such a great idea after all.
But here we are.
Sovereign bond yields are screaming around the world.
As I wrote this week. (read: https://t.co/CMfuqv1M8C)
"Treasury yields don't move in a vacuum..."
Japan. Europe. The United States.
Japan sitting with over $1.1 trillion in US Treasuries.
Central bankers are watching sovereign bond yields jump to multi-decade highs...
Then they look at their own balance sheets.
Maybe there’s a eureka moment somewhere in there:
Printing trillions to inflate the biggest sovereign bond bubble in history may not have been such a great idea after all.
But here we are.
The tables have turned.
In 1985, Washington had the leverage over Japan.
Today, Japan holds over $1 TRILLION of Washington’s debt.
The irony is extraordinary.
Read my latest article: https://t.co/CMfuqv1M8C
Our current reality:
1. The United States Treasury stepped into the market last month in an attempt to cap a rise in borrowing costs.
2. 10-year Japanese government bond at 3%. Highest in 30 years.
3. European government yields are rising…
The sovereign debt bubble…
It is very interesting...
The Shanghai Gold Exchange itself describes the Gold Road initiative as promoting yuan-based gold trading and settlement globally.
How can you say gold is not becoming a part of the plumbing of the global financial system once again?
Japan 10-year bond yield hits 3%.
Highest in 30 years.
The circus music keeps getting louder...
Read my latest article that discusses that the yen intervention was never about Japan here: https://t.co/CMfuqv1M8C
The tables have turned.
In 1985, Washington had the leverage over Japan.
Today, Japan holds over $1 TRILLION of Washington’s debt.
The irony is extraordinary.
Read my latest article: https://t.co/CMfuqv1M8C
Treasury Secretary Scott Bessent says he spoke with Stanley Druckenmiller after his former mentor criticized his recent bond-market intervention…
Everyone getting involved now.
These are unprecedented times…
Hold on tight.
America's Yen Rescue Was Never About Japan
It was about protecting the Treasury market from its own largest owner.
Read the full article here: https://t.co/CMfuqv1M8C
The circus is here... 🎪
The bond market is a total mess.
Japan is tied to the United States.
The United States is tied to Europe.
It’s all connected.
My latest article connects the dots.
The United States Treasury Secretary says he trusts the Bank of Japan will do the right thing on rates rather than pushing for consecutive hikes...
A movie is playing in real-time.
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Tomorrow, I’m publishing my first Sunday Note on the absolute CIRCUS unfolding in Japan and why the fallout is already spilling into the Western world.
This is one of the most important macro stories globally.
European central bankers are reportedly concerned about the way the United States intervened to support the Japanese yen earlier this month.
Some European policymakers were frustrated that they did not receive the customary advance notice.
It begins...