“Treasury Secretary Janet Yellen has distorted Treasury markets by borr...” — Scott Bessent Quote

Treasury Secretary Janet Yellen has distorted Treasury markets by borrowing more than $1 trillion in more-expensive shorter-term debt compared with historical norms. Terming out that debt in favor of a more orthodox borrowing profile may increase longer-term interest rates and will need to be deftly handled.

If a country with a free market trades with a managed economy, it in effect imports the industrial-policy choices of the managed economy. And because trade clears on a global basis, countries that run significant imbalances affect all participants in the global trading system, not just their bilateral counterparties.

It is a powerful signal when a politician's home state does not back him or her in a national contest.

America's ability to levy effective sanctions creates deterrence, saving us money by avoiding conflict, and it is the dollar's preeminent status that makes American sanctions effective. But that will only last so long as the dollar and our debt are attractive.

Borrowing to pay for college used to be the exception; now it's the rule.

We'll set our approach to borrowing, to spending, to taxation, in a sensible way on a sensible timescale.

I just believe that government borrowing and spending doesn't lead to economic prosperity, growth, or sustainable jobs. I know that it comes from the private sector: people who invest in their businesses and ideas.

I was skint, and I had to move back to my mum and dad's house, back into the room I shared with my brother when I was a kid. I kept getting people on the streets telling me that they loved me; it didn't mean anything to me because I was still borrowing tenners off my pensioner father to go and get some chicken.