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Posted on 08/28/2026 12:23:22 PM PDT by DFG
Treasury Secretary Scott Bessent sarcastically offered to give Sen. Elizabeth Warren a tutorial on “Foreign Exchange for Dummies” in a blistering response to her criticism of the government’s intervention to prop up the Japanese yen, The Post has learned.
The lefty Massachusetts senator’s recent attack “unfortunately reveals that you know even less about foreign exchange markets than you do about banking,” Bessent wrote in a letter dated Thursday that was exclusively obtained by The Post.
“Terrifyingly, the opening paragraph is wrong about where the money came [from], what the transaction was, and whether there was even a borrower,” he added.
“What is equally shocking, but not surprising: not a single member of your media mob has a rudimentary-enough level of financial market literacy to spot your remedial error.”
The scathing letter came in response to an Aug. 13 missive from Warren demanding details about Treasury’s use of the Exchange Stabilization Fund, or ESF, as Washington joined Tokyo in buying yen after the currency plunged to a 40-year low.
Warren, the ranking Democrat on the Senate Banking Committee, argued that American taxpayers could ultimately be on the hook if Japan proves unable to repay Treasury — a premise Bessent flatly rejected.
“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 previously earned his fortune as a currency trader.
“There is therefore no risk that Japan will fail to repay a debt that does not exist.”
The recent intervention in the yen marked the first coordinated US-Japan effort to strengthen the currency since 1998.
(Excerpt) Read more at nypost.com ...
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Funny, but he’s overestimating her.
What happened to sane and sober office holders? Even when a crazy Senator raises hell, Trump said his people would be the adults in the room
Sec. Bessent certainly didn’t demonstrate competent and sober communications with a US Senator who clearly has oversight responsibilities - whether any of us like her or not. We have our own idiots on the Red side to worry about.
If you want to pretend to be an American Indian in order to become super rich, go to Elizabeth Warren for advice she knows the tricks of the trade
Correcting a childish Senator is sane and sober (in my opinion).
I bet the professor loved reading that.
The facts of the situation don’t matter Mr. Bessent.
If Senator Warren can spin them to make you look bad, she will.
Scott Bessent is awesome
Idiots like Warren are the reason why it took women so long to get the right to vote. Heads like melons.
Scott Bessent is not a loose canon, or a loud mouth. He is one of the most competent international bankers the US has ever had as Treasury Secretary. I am happy to see the cabinet members (whether it be Bessent, Rubio, or Kennedy) stand up to the bullying of the likes of Warren, Markey, and AOC.
I bet she’s on the warpath now.... :-)
Follow.
Warren is a deluded child and needs to be treated as such. You have to talk down to her she is not capable of adult discourse
Your communication about Secretary Bessent is neither competent nor sober.
In my long working career, anytime I wrote a letter or email like that, I left it until the next day to send. Most of the time, I toned it down before sending. As much as I think she deserved it, a bit more Winston Churchil and a bit less Don Rickles might have been better.
It’s long last time that these pompous hypocritical thieves and kleptocrats were talked to in exactly this way.
Her voters are even more stupid. That’s all that matters.
I love it. Warren rides on the foundation of the Consumer Protection Agency where she got her way thanks to obama and has always considered herself an expert on finance..glad she was taken to the cleaners but she’s not smart enough to recognize what just happened.
I bet you miss the Bush years cowering in the corner.
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