Arthur Hayes says Bessent is now repeating all of Yellen’s mistakes

Arthur Hayes says Scott Bessent is becoming Janet Yellen through Treasury liquidity. Arthur opens “Same Same But Different” with a night at Pacha. Scott, his “Buffalo Bill,” runs into Yellen.

Yellen mocks him because his buyback increase calmed yields for only one session. Arthur’s point is that Scott sounded different from Yellen, yet both reach for liquidity when Washington keeps spending and Treasury yields push higher. Arthur wrote:

“I saw that. Don’t let the haters get you down. The crypto community is with you. You had no choice; we love you. Keep it up! Don’t stop printing money because if the markets go down, there will be no free shit for all the rich people and everyone else in America who believes that if they just believe hard enough in capitalism, they will get rich too. If there isn’t any free shit, then AOC is going to raise our taxes, oy vey.”

Yellen unlocked $2.4 trillion while the Fed kept rates near 5.3%

Arthur starts in late 2023. Yellen sold more Treasury bills and fewer longer bonds. Bills mature within one year, so money-market funds treat them like cash.

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