The Saad Truth with Dr. Saad - Secretary Scott Bessent Schools Chief Lies-a-Lot Elizabeth Warren (The Saad Truth with Dr. Saad_1038)

00:00:00.000 Hi everybody, this is Gad Saad. In Chapter 8 of The Parasitic Mind, I implore people to activate

00:00:05.340 their inner honey badger, meaning that if they hold positions on important matters,

00:00:11.740 then they should stand tall and defend them vigorously and ferociously. And I wanted today

00:00:18.940 to spend a few minutes reading for you a letter from Treasury Secretary Scott Besant to Chief

00:00:26.660 flies a lot, Senator Elizabeth Warren, that perfectly serves as a manifestation of what a

00:00:34.240 honey badger looks like. So fasten your seatbelt. Here it goes. Dear Senator Warren, I'm in receipt

00:00:41.140 of your August 13 letter, which unfortunately reveals that you know even less about foreign

00:00:46.560 exchange markets than you do about banking. Terrifyingly, the opening paragraph is wrong

00:00:52.360 about where the money came, what the transaction was, and whether there was even a borrower. What

00:00:58.480 is equally shocking but not surprising, not a single member of your media mob has a rudimentary

00:01:04.780 enough level of financial market literacy to spot your remedial error. Treasury exchanged

00:01:12.020 existing exchange stabilization fund foreign currency assets for yen. No new congressional

00:01:20.500 appropriation was involved and no credit was extended to Japan. Japan owes Treasury nothing.

00:01:28.620 There is therefore no risk that Japan will fail to repay a debt that does not exist. You state that

00:01:34.960 it is, quote, not clear how preventing disorder in Japan benefits the United States. As your letter

00:01:42.280 notes, Japan is a major holder of U.S. Treasuries. It is also a critical trading partner and a treaty

00:01:49.440 ally. Disorderly yen markets can trigger forced unwinds which could destabilize global markets

00:01:56.440 and ultimately raise borrowing costs for American families and businesses. For a fuller explanation

00:02:03.940 I recommend any entry-level course in international finance for you and your staff

00:02:10.200 or i can give you a tutorial on foreign exchange for dummies i love this guy

00:02:19.120 the same principle was at work in argentina where treasury used the exchange stabilization fund

00:02:27.820 to stabilize argentina in its moment of acute short-term illiquidity and to prevent the problem

00:02:35.480 from becoming a broader regional crisis. The best managed crisis is the one that never happens.

00:02:42.740 You, by contrast, appear to view preventable crises not as failures to avert but as welcome

00:02:50.720 opportunities to expand government control with ordinary Americans paying the price.

00:02:57.260 Your legal question is answered by the statute cited in your footnote. Section 5302 expressly

00:03:07.060 authorizes the Secretary with presidential approval to deal in foreign exchange in support

00:03:14.100 of orderly exchange arrangements. Treasury's legal analysis begins with reading the statute.

00:03:21.440 I recommend you try the same. The American people deserve oversight grounded in facts

00:03:28.820 rather than slogans. Although I'm not holding my breath, I hope your next letter will demonstrate

00:03:36.980 that you have learned the difference between a currency purchase and a swap or a loan.

00:03:44.360 Sincerely, Scott Besant. Scott, if you ever hear this, you have a new admirer,

00:03:51.440 and doctor good looks.

00:03:52.880 Take care, everybody.

00:03:53.660 Cheers.

00:03:53.960 Have a great weekend.

The Saad Truth with Dr. Saad - August 28, 2026