Economist warns Treasury buyback plan could trigger dollar devaluation spiral

Treasury Secretary Scott Bessent's plan to increase buybacks of long-term bonds has raised concerns among economists, including Robin Brooks of the Brookings Institution. Brooks argues that such financial engineering fails to address the deficit and could lead to currency depreciation, similar to Japan's yen. He warns that markets are primed for dollar debasement, though some analysts see the worries as overblown.