A Debt Cycle as Old as Time: Bessent's Bond Buyback and the Folly of Deferring Crisis The recent announcement by U. S.
Treasury Secretary Scott Bessent to buy back $4 billion in bonds, only to reissue them under different terms, has sparked a familiar debate about its efficacy.
As James Sullivan, co head of global fundamental research at JPMorgan, put it on CNBC's "Squawk Box," this move is akin to "paying your mortgage with your credit card.