Bessent’s Moves Never Made Sense - Until Now | Tom Luongo
About this episode
Tom Luongo discusses the implications of Scott Bessent's strategies in the context of the 2026 currency war and global market shifts.
Mentor Sessions Ep. 091: Tom Luongo explains the 2026 currency war, Scott Bessent's yen bomb, oil collateral, European bond squeeze, and the US Treasury buyback plan. The previously most powerful people in the world are now price takers, not price makers — and Tom Luongo walks through exactly how Scott Bessent flipped that switch. Global markets just witnessed a structural break in the European bond trade, and almost nobody saw the mechanism behind it. In this conversation, Tom Luongo and Nathan break down the currency war unfolding across the FX and bond markets: how Bessent 'bombed the yen' by selling euros instead of dollars, why the euro-yen cross froze the moment Operation Epic Fury began, and how Iranian oil loadings were being used as collateral to fuel the short-yen, short-Treasury trade. You'll learn why the US Treasury buyback expansion is a signal and not QE, how the German Bund fits into Europe's alleged default-and-consolidate endgame, and what John Ratcliffe's open trip to Moscow may be telegraphing. You'll also hear Luongo's falsifiable macro thesis — where the 30-year yield goes next, and what it means for gold, silver and Bitcoin. ⏱️ Timestamps: 0:00 - Intro 0:44…
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