A Shakespearean saga is playing out between the White House, Treasury Department, the Federal Reserve and Wall Street—and Scott Bessent, to paraphrase Shakespeare, is being hoist on his own hedge-fund petard.
As Hamlet told his mother Gertrude in Act 3, Scene 4, having just stabbed an eavesdropping Polonius, “’tis the sport to have the engineer/ Hoist with his own petard.” Now Bessent’s former mentor, Stanley Druckenmiller, is the one pulling the trigger—using the same playbook they wrote together over 30 years ago.
