Episode 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 - Intro
0:44 - Bessent's Moves on Yen and Euro
1:27 - Shifting From Kinetic to Economic Siege
3:06 - The Yen Carry Trade That Shouldn't Exist
4:42 - Bessent Blew It Up Selling Euros
8:26 - Euro-Yen Cross Freezes After Iran Strikes
8:49 - Iranian Oil Used as Trade Collateral
11:17 - Traders Trapped After Buying Oil Breakout
12:59 - How Bessent Scans 270 Markets for Signals
18:05 - Treasury Buyback Expansion Details
22:04 - Defending the 5.25 Percent Yield Level
23:31 - Buyback Limit Is Just a Market Signal
27:15 - Europe's Default and ECB Consolidation Plan
28:45 - Financial Warfare and Carney's Trade War
29:40 - Abundant Mines Sponsor
33:20 - Banks Trading With Iran Cut From Dollars
38:01 - US Taxpayers Funding Global Financial Chaos
41:24 - Is the Budget Deficit Really Shrinking
45:17 - China Iran Canada Oil and Banking Links
47:46 - Why Ratcliffe Is Meeting Russia in Moscow
50:54 - BRICS as Hedge Not Dollar Replacement
53:33 - Gold Silver Bitcoin Surge Explained
55:20 - Pushing the Long End of Yields Lower
59:00 - Key Markets to Watch Through Election
1:00:14 - Reading the Charts That Actually Matter
1:01:16 - Luongo's Falsifiable Macro Thesis
1:02:38 - Where to Follow Tom Luongo
Tom 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
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