I Am the House: Scott Bessent and Currency Market Power
Treasury Secretary for the United States of America Scott Bessent knows both sides of the story concerning his recent intervention in support of the Japanese yen. Chris’ new release, I Am the House, examines one side of that same story.
2026 “I am the House” Silver Proof Coin, by Chris Duane
Bessent was giving a speech to business school students in Texas on September 8, 2026 when he summarized his efforts to prop up the crashing Japanese yen saying, "I am the house now.” As Secretary of the Treasury for the United States, he’s correct in his assessment. He has more influence over, and inside information about, the international currency markets than anyone else on earth. He is indeed “the house”. And, just as with the inner workings of a casino, the rest of the world is left with total inaccessibility to that side of the story.
As expected, Mr. Bessent was lambasted by the media soon after his boastful comment when the price of oil rose, and then surpassed $100 per barrel. And soon after giving his speech, the yield on 10-year treasury bonds reached the pre-2008 housing crisis level of 5.00%.
2026 “I am the House" Silver Proof Coin, by Chris Duane
The rises prompted the pundits to dispute Bessent’s inference that he alone could control the markets. And yet, does anyone really know more about the currency markets than Bessent? Can anyone honestly question his vainglorious summary of his position in the financial world? Is there anyone who could debate his statement’s accuracy?
No, because only time will tell if Bessent’s statement proves to be true and whether his behind-the-scenes efforts do indeed begin to cool the inflamed currency markets.
The war in Iran, the instability in Europe, the volatility of Canadian dollar and the chaos in Japan continue to affect our currency markets. To the outsiders, these problems appear to be insurmountable. And Chris’ new round, “I Am the House” expresses those serious concerns about that side of the story.
But are they truly insurmountable? Only Bessent knows for sure and we, as outsiders, have no choice but to wait patiently to see what the final outcome will be.
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