Bessent & Sovereign Debt Crisis
QUESTION: Marty, Bessent is plainly no trader. As you’ve pointed out, he’s spent far too long in the company of market manipulators. I remember your warning that rolling debt into shorter maturities only deepens future fragility. And as you put it, it’s Groundhog Day on repeat. So the question is: d
Source: Armstrong Economics
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DW NOTE
Bessent's career is long on proximity to leverage and short on sovereign debt crisis management. Rolling maturities short doesn't eliminate refinancing risk — it concentrates it into tighter windows at higher rates. With the 10-year Treasury at 4.78% and $1.4 trillion deficits through June, the US is already paying more to service debt each quarter than it did annually a decade ago. Fragility isn't a future risk; it's the present condition.