Justin Wolfers on Trump’s Plan in Japan

What you'll learn

• 1 (00:00) **Episode Open & Context Setting** - Host Ben Meiselas sets up the episode's focus on the Trump administration's economic damage, both domestic and international.
• 2 (03:50) **The Yen Intervention: Mechanism and Breach** - The host details Treasury Secretary Bessent's plan to prop up the yen by selling euros instead of dollars, without notifying the European Central Bank.
• 3 (05:04) **Why the Euro Sale? The "Strong Dollar" Dilemma** - The host explains the strategic reasoning behind selling euros rather than dollars to defend the yen.
• 4 (05:28) **The Hidden Risk: Protecting the US Treasury Market** - The host connects the yen intervention to the fragile state of the US Treasury bond market.
• 5 (06:09) **The "Fiscal Conservatives" and Rising Debt** - The host highlights the irony of the Trump administration engaging in these financial maneuvers while claiming to be fiscal conservatives.
• 6 (06:26) **Bessent's Justification: A "MAGA Government" Ally** - The host shares a clip of Bessent explaining the intervention to Japanese media, framing it as a show of support for Japan's right-wing government.
• 7 (08:09) **CNBC's "Sly Dog" Framing** - The host plays a CNBC clip where Bessent is jokingly called a "sly dog" for the secretive intervention.

+ Full timestamped outline available in the app