Who Really Controls Interest Rates? (Martin Armstrong of Armstrong Economics)

So who is really more powerful, Bessent or Warsh? Warsh has greater direct power over short-term monetary policy, while Bessent controls how Treasury manages the financing of government debt. But both men eventually answer to the same force that no government has ever permanently defeated: global capital. Congress spends it. Bessent must borrow it. Warsh can influence its price. The MARKET ultimately decides what it is worth.

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