Bessents Takedown of Elizabeth Warren on Foreign | Political News
We’ve reported beforehand about the U.S. effort to help Japan prop up the yen.
The Trump administration offered euros and purchased yen; they did not give Japan any money. It was also in our own pursuits because we share deep financial ties and they’ve a lot of holdings in U.S. Treasuries, shares, and other property — almost $3 trillion in all — which may imply that turmoil in their markets may also adversely have an effect on us. So we’re serving to them, but also defending ourselves as effectively.
That apparently caught the eye of Sen. Elizabeth Warren (D-MA), the rating Democrat on the Senate Banking Committee, who argued that American taxpayers may in the end be on the hook if Japan proves unable to repay the Treasury.
That’s when Treasury Secretary Scott Bessent decimated her with one heck of an epic letter, explaining she had no concept what she was speaking about.
In her latest sciolistic letter to me, @SenWarren made it clear that she is aware of even less about overseas exchange markets than she does about banking.
What is equally surprising, but not stunning: not a single member of the media mob has a rudimentary-enough degree of financial… pic.twitter.com/0mmp2tapqJ
— Treasury Secretary Scott Bessent (@SecScottBessent) August 28, 2026
In her latest sciolistic letter to me, @SenWarren made it clear that she is aware of even less about overseas exchange markets than she does about banking.
What is equally surprising, but not stunning: not a single member of the media mob has a rudimentary-enough degree of financial market literacy to spot her remedial error.
To reiterate: under @POTUS, the United States delivers for America’s trusted companions.
For a fuller clarification, I like to recommend Senator Warren take any entry degree course in worldwide finance for her and her workers, or I can personally give her a tutorial on Foreign Exchange for Dummies. Although I’m not holding my breath, I hope her next letter will show that she has realized the distinction between a currency buy and a swap or a loan.
In the letter, he explained that since we gave them nothing, we risked nothing.
“Treasury exchanged existing Exchange Stabilization Fund foreign-currency assets for yen,” he wrote.
“No new congressional appropriation was involved, and no credit was extended to Japan. Japan owes Treasury nothing,” added Bessent, who beforehand earned his fortune as a currency trader.
“There is therefore no risk that Japan will fail to repay a debt that does not exist.”
He additional identified the goal was to head off issues.
“Disorderly yen markets can trigger forced unwinds, which could destabilize global markets and ultimately raise borrowing costs for American families and businesses,” he explained.
“The best-managed disaster is the one that never occurs,” he observed. “You, by contrast, appear to view preventable crises not as failures to avert but as welcome opportunities to expand government control — with ordinary Americans paying the price.”
He said the legal question she had raised in her letter was answered by the statute “in your own footnote” and “Treasury’s legal analysis begins with studying the statute. I like to recommend you strive the same.”
“The American people deserve oversight grounded in facts rather than slogans,” he wrote.
“Although I am not holding my breath, I hope your next letter will demonstrate that you have learned the difference between a currency purchase and a swap or a loan.”
Oh, my, have you ever ever seen somebody so successfully eviscerated? This is why people admire Bessent so a lot; he’s so savage.
But it is so true; she does not perceive what she’s speaking about.
Broooootal by Bessent.
Poor Liz. Ignorant media. https://t.co/76pWpxnvkv
— Laura Ingraham (@IngrahamAngle) August 28, 2026
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