What Scott Bessent did today is a call to SHORT more US bonds

The government couldn't find enough buyers for its own long bonds, so the government became the buyer.Argentina does this and Turkey does this.We now do it 3 months before an election, and the financial press is calling it “decisive leadership.”These are emerging market tactics, and the effect will be temporary at best.Bessent will go down as one of the most consequential Treasury secretaries in history, and history will not be kind to him.Short the bonds. You cannot own enough gold.Listen to my full take on this, and what you should own right now.P.S. Sign up to Pod Street Week here to stay up to date with the best conversations each week, the newest edition is highly relevant to what's going on right now: This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit georgenoble.substack.com/subscribe