Show notes
Mentor Sessions Ep. 091: Tom Luongo explains the 2026 currency war, Scott Bessent's yen bomb, oil collateral, European bond squeeze, and the US Treasury buyback plan.The previously most powerful people in the world are now price takers, not price makers — and Tom Luongo walks through exactly how Scott Bessent flipped that switch. Global markets just witnessed a structural break in the European bond trade, and almost nobody saw the mechanism behind it.In this conversation, Tom Luongo and Nathan break down the currency war unfolding across the FX and bond markets: how Bessent 'bombed the yen' by selling euros instead of dollars, why the euro-yen cross froze the moment Operation Epic Fury began, and how Iranian oil loadings were being used as collateral to fuel the short-yen, short-Treasury trade. You'll learn why the US Treasury buyback expansion is a signal and not QE, how the German Bund fits into Europe's alleged default-and-consolidate endgame, and what John Ratcliffe's open trip to Moscow may be telegraphing. You'll also hear Luongo's falsifiable macro thesis — where the 30-year yield goes next, and what it means for gold, silver and Bitcoin.⏱️ Timestamps:0:00 - Intro0:44 - Bessent's Moves on Yen and Euro1:27 - Shifting From Kinetic to Economic Siege3:06 - The Yen Carry Trade That Shouldn't Exist4:42 - Bessent Blew It Up Selling Euros8:26 - Euro-Yen Cross Freezes After Iran Strikes8:49 - Iranian Oil Used as Trade Collateral11:17 - Traders Trapped After Buying Oil Breakout12:59 - How Bessent Scans 270 Markets for Signals18:05 - Treasury Buyback Expansion Details22:04 - Defending the 5.25 Percent Yield Level23:31 - Buyback Limit Is Just a Market Signal27:15 - Europe's Default and ECB Consolidation Plan28:45 - Financial Warfare and Carney's Trade War29:40 - Abundant Mines Sponsor33:20 - Banks Trading With Iran Cut From Dollars38:01 - US Taxpayers Funding Global Financial Chaos41:24 - Is the Budget Deficit Really Shrinking45:17 - China Iran Canada Oil and Banking Links47:46 - Why Ratcliffe Is Meeting Russia in Moscow50:54 - BRICS as Hedge Not Dollar Replacement53:33 - Gold Silver Bitcoin Surge Explained55:20 - Pushing the Long End of Yields Lower59:00 - Key Markets to Watch Through Election1:00:14 - Reading the Charts That Actually Matter1:01:16 - Luongo's Falsifiable Macro Thesis1:02:38 - Where to Follow Tom LuongoTom Luongo publishes his macro analysis and the Gold, Goats 'n Guns newsletter — links below. ⚡Previous Episode - Jeff Booth & Scott Melker: https://youtu.be/J7ze_lMKbZM 🔗 Links & Resources:• Tom Luongo on X: https://x.com/TFL1728• Gold Goats 'n Guns blog: https://tomluongo.me🔔 Subscribe for weekly Bitcoin Podcasts🐦 Follow on X: https://x.com/BTCSessions🐦 Follow on X: https://x.com/theBTCmentor⚡Sovereign Sessions — AI, Privacy, and Bitcoin education: http://youtube.com/@SovereignSessions?sub_confirmation=1💡BOOK Private Sessions with Nathan, Ben and the BTC Mentor Team: Master self-custody, hardware, multisig, Lightning, privacy, and more. 👉 Visit btcmentor.io ⚡ POWERED by Abundant Mines: Fully managed Bitcoin mining. Learn more at https://qrco.de/bgYKPB#Bitcoin #ScottBessent #TomLuongo #Gold #Iran #MarkCarney #BondMarket #USTreasury #YenCarryTrade #CurrencyWar #FinancialWarfare #GlobalMacro #DollarSystem #Geopolitics #BTCSessions #OilCollateral #EuroDefault #GermanBund #KevinWarsh #Silver