Your Money Is About to Be Worth Less
リアクション
2026年09月18日
Your Money Is About to Be Worth Less
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Ten-year Treasury yields just touched 5%. Thirty-year bonds sit at 5.35%. Treasury Secretary Scott Bessent knows Washington can't afford those rates, and he has exactly one play left to bring them down. It only works if the Fed cooperates, and Fed Chair Kevin Warsh isn't playing along. While they fight for control, your purchasing power is the collateral. Nobody prints a dollar. Yours still buys less.
Bessent's play has two moves. Shift borrowing out of 10- and 30-year bonds into short-term T-bills, already 22% of the debt sold to investors. Then loosen a bank capital rule called the SLR so the biggest banks can absorb the extra bills. No printing press. The banks do the buying.
The catch works like an adjustable-rate mortgage. About a third of the debt already resets within a year, and every reset now prices off a Fed that just raised rates with oil above $100. Interest will cost more than $1 trillion this year. And every dollar a bank lends Washington is a dollar that business owners, homebuyers and you are left fighting over.
In this video you'll learn:
• How Treasury's T-bill shift works like refinancing a 30-year fixed into an adjustable-rate mortgage
• Why a bank rule called the SLR decides how many Treasuries JPMorgan, Bank of America and Citi can hold
• What the 1951 Fed-Treasury standoff says about who wins this fight, and what's different now
• The one event that breaks this entire thesis, and the oil price that tells you it's happening
• What to own if the war drags on, and what to own if peace breaks out and Warsh stops raising
Nobody knows which way this breaks. The signal is simple, and you can be on the right side of it before it does.
This next video is appropriate for what's coming. Watch "The Global Debt Crisis Has Arrived. Ordinary People Will Get Rich." - https://youtu.be/jtN_1DL2V2c
If you liked this video, subscribe. We post fresh content weekly to help you grow and protect your wealth. Subscribe: https://www.youtube.com/@ClearlyFinance/?sub_confirmation=1
This video is for informational purposes only. It is NOT intended to be investment advice.
Sources
• 10-yr touched 5%, 30-yr 5.35%: CNBC — 10-year hits 5% https://www.cnbc.com/2026/09/14/10-year-us-treasury-is-closing-in-on-5percent.html
• T-bills 22.2% of marketable debt: Forbes — Treasury buying its own bonds, https://www.forbes.com/sites/jamesbroughel/2026/08/22/treasury-is-buying-its-own-bonds-where-is-the-money-coming-from/
• Buybacks $2B to $4B, next refunding Nov 4: U.S: CNBC — $6B buyback https://www.cnbc.com/2026/09/09/treasury-department-to-buy-back-6-billion-in-longer-term-debt-triple-the-normal-level.html
• COVID SLR exemption raised bank Treasury holdings: Boston Fed — SLR exemption study https://www.bostonfed.org/publications/current-policy-perspectives/2025/relaxing-dealers-risk-constraints-can-make-treasury-market-liquid.aspx
• SLR rule eased Nov 2025: OCC — eSLR final rule https://www.occ.gov/news-issuances/bulletins/2025/bulletin-2025-41.html
• Bowman backs Treasury SLR exemption: Risk.net — Bowman on SLR https://www.risk.net/regulation/7961363/feds-bowman-signals-slr-exemption-for-us-treasuries
• ~33% of debt matures within 12 months: JEC — Monthly Debt Update https://www.jec.senate.gov/public/vendor/_accounts/JEC-R/debt/Monthly%20Debt%20Update.html
• Treasury-Fed Accord March 4, 1951: Fed History — https://www.federalreservehistory.org/essays/treasury-fed-accord
• 3-month T-bill 3.97%: FRED — DTB3 https://fred.stlouisfed.org/series/DTB3
• Energy +16.3%, gasoline +27.4%, gas 1/3 of Aug CPI rise: BLS — CPI August 2026 https://www.bls.gov/news.release/cpi.nr0.htm
• Alphabet $25B bond sale: Bloomberg — Alphabet $25B bonds https://www.bloomberg.com/news/articles/2026-08-06/alphabet-returns-to-bond-market-amid-ai-spending-worries
Some of the links in this description and mentioned in this video are affiliate links, which means I may earn a small commission if you click and make a purchase, at no extra cost to you. I only recommend tools, products, and resources I believe will add value to you.
👉 Grab my Free Inflation Scoreboard here: https://www.clearlyfinance.tv/inflation-scoreboard-lp 7 Inflation Signals, how they’re trending and what they mean, updated monthly.
👉 Inflation Defense Playbook, https://www.clearlyfinance.tv/copy-of-inflation-defense-playbook 7 Assets that Survive When Money
‼️ LIMITED TIME OFFER ➡️ 20% off Seeking Alpha Premium + Alpha Picks Bundle ‼️
👉 10% off Seeking Alpha’s Alpha Picks – crushing the S&P’s returns since 2022.
👉 10% off Seeking Alpha Premium.
Learn more and get your discounts here: https://www.clearlyfinance.tv/home
🟢 Interested in adding GOLD to your retirement accounts? Here's a free 2026 Gold IRA Ultimate Guide: https://learn.augustapreciousmetals.com/apm-aff-lp-1-v3?apmtrkr_cid=1696&aff_id=5328&sub_id=openai-bailout
Ten-year Treasury yields just touched 5%. Thirty-year bonds sit at 5.35%. Treasury Secretary Scott Bessent knows Washington can't afford those rates, and he has exactly one play left to bring them down. It only works if the Fed cooperates, and Fed Chair Kevin Warsh isn't playing along. While they fight for control, your purchasing power is the collateral. Nobody prints a dollar. Yours still buys less.
Bessent's play has two moves. Shift borrowing out of 10- and 30-year bonds into short-term T-bills, already 22% of the debt sold to investors. Then loosen a bank capital rule called the SLR so the biggest banks can absorb the extra bills. No printing press. The banks do the buying.
The catch works like an adjustable-rate mortgage. About a third of the debt already resets within a year, and every reset now prices off a Fed that just raised rates with oil above $100. Interest will cost more than $1 trillion this year. And every dollar a bank lends Washington is a dollar that business owners, homebuyers and you are left fighting over.
In this video you'll learn:
• How Treasury's T-bill shift works like refinancing a 30-year fixed into an adjustable-rate mortgage
• Why a bank rule called the SLR decides how many Treasuries JPMorgan, Bank of America and Citi can hold
• What the 1951 Fed-Treasury standoff says about who wins this fight, and what's different now
• The one event that breaks this entire thesis, and the oil price that tells you it's happening
• What to own if the war drags on, and what to own if peace breaks out and Warsh stops raising
Nobody knows which way this breaks. The signal is simple, and you can be on the right side of it before it does.
This next video is appropriate for what's coming. Watch "The Global Debt Crisis Has Arrived. Ordinary People Will Get Rich." - https://youtu.be/jtN_1DL2V2c
If you liked this video, subscribe. We post fresh content weekly to help you grow and protect your wealth. Subscribe: https://www.youtube.com/@ClearlyFinance/?sub_confirmation=1
This video is for informational purposes only. It is NOT intended to be investment advice.
Sources
• 10-yr touched 5%, 30-yr 5.35%: CNBC — 10-year hits 5% https://www.cnbc.com/2026/09/14/10-year-us-treasury-is-closing-in-on-5percent.html
• T-bills 22.2% of marketable debt: Forbes — Treasury buying its own bonds, https://www.forbes.com/sites/jamesbroughel/2026/08/22/treasury-is-buying-its-own-bonds-where-is-the-money-coming-from/
• Buybacks $2B to $4B, next refunding Nov 4: U.S: CNBC — $6B buyback https://www.cnbc.com/2026/09/09/treasury-department-to-buy-back-6-billion-in-longer-term-debt-triple-the-normal-level.html
• COVID SLR exemption raised bank Treasury holdings: Boston Fed — SLR exemption study https://www.bostonfed.org/publications/current-policy-perspectives/2025/relaxing-dealers-risk-constraints-can-make-treasury-market-liquid.aspx
• SLR rule eased Nov 2025: OCC — eSLR final rule https://www.occ.gov/news-issuances/bulletins/2025/bulletin-2025-41.html
• Bowman backs Treasury SLR exemption: Risk.net — Bowman on SLR https://www.risk.net/regulation/7961363/feds-bowman-signals-slr-exemption-for-us-treasuries
• ~33% of debt matures within 12 months: JEC — Monthly Debt Update https://www.jec.senate.gov/public/vendor/_accounts/JEC-R/debt/Monthly%20Debt%20Update.html
• Treasury-Fed Accord March 4, 1951: Fed History — https://www.federalreservehistory.org/essays/treasury-fed-accord
• 3-month T-bill 3.97%: FRED — DTB3 https://fred.stlouisfed.org/series/DTB3
• Energy +16.3%, gasoline +27.4%, gas 1/3 of Aug CPI rise: BLS — CPI August 2026 https://www.bls.gov/news.release/cpi.nr0.htm
• Alphabet $25B bond sale: Bloomberg — Alphabet $25B bonds https://www.bloomberg.com/news/articles/2026-08-06/alphabet-returns-to-bond-market-amid-ai-spending-worries
Some of the links in this description and mentioned in this video are affiliate links, which means I may earn a small commission if you click and make a purchase, at no extra cost to you. I only recommend tools, products, and resources I believe will add value to you.
