How a U.S. Treasury Crisis Could Trigger the Biggest Trade in History
By Stansberry Research
As soon as August 19, 2025, a radical government-backed move could shock the entire financial world...
And we’re convinced it could mark a watershed moment for your wealth (depending on what you’re holding in your portfolio right now).
A few months back, our research team began referring to this secretive move as “Project Key Square,” for reasons you’re about to understand.
But what’s crucial for you to know immediately is that Project Key Square’s seismic $2 TRILLION aftershock would create a butterfly effect of surges and crashes throughout the financial markets.
And this is why our senior analyst and investing icon, Eric Wade, has scheduled an emergency briefing for August 12 at 10 a.m. Eastern time.
As described by Senior Adviser to the U.S. Department of the Treasury, Sam Lyman, Project Key Square would be multiple times bigger than Paul Tudor Jones getting ahead of the Black Monday Crash (making $100 million)...
Bigger than Michael Burry’s $700 million payday during the “Big Short” in 2008...
And it would even be bigger than George Soros breaking the Bank of England in 1992 (making over $1 billion in a single day).
What’s more, it would be spearheaded by one of the greatest traders of all time...
Meet The Man Behind
Project Key Square
Before we continue, it’s important to note: It doesn’t matter who you voted for.
Whether you’re pro-Trump, anti-Trump, or right down the middle...
Project Key Square looks set to impact your portfolio either way.
Because the man at the center of this story isn’t just a close connection of President Trump, he’s also one of the most brilliant investors in history.
He’s made billions of dollars in currency trades over the years, betting against the Japanese yen, the Thai baht, and the British pound, among others.
In fact, his research was the driving force behind Soros’ infamous trade that broke the Bank of England.
Flash forward to 2025, and this man is arguably now the most powerful figure in the Trump White House.
We’re referring to U.S. Treasury Secretary Scott Bessent.
What very few on Main Street realize is that, before entering the White House, Bessent generated billions of dollars in profits from some of the most famous trades in history, betting on and against currencies.
While he was still in his twenties, Bessent’s research was the driving force behind the trade that broke the Bank of England and made $1 billion in a single day.
Back then, Britain had pegged its currency to the German Deutschemark at an agreed-upon exchange rate... as part of what was called the European Exchange Rate Mechanism (ERM).
The young Bessent felt this situation was unsustainable and saw a massive opportunity. And so, he shared his research with his boss, Stanley Druckenmiller... who shared it with his boss, George Soros.
Then, they began shorting the pound heavily.
Although the British government tried to support its currency, it couldn’t withstand the pressure. The currency peg was broken... the pound plunged in value... and Bessent’s first massive trade soared.
Soros, Druckenmiller, and Bessent earned more than $1 billion, along with a place in history for orchestrating one of Wall Street’s most audacious trades ever.
Bessent Has Been Part of
TWO Trades of the Century
For most people, being part of the “Trade of the Century” would be enough. But Bessent was only getting started.
Two decades later, having risen to the position of Soros’ Chief Investment Officer, Bessent visited Japan.
A new Prime Minister had just been elected, and Bessent heard rumblings about his new aggressive monetary easing plans (called “Abenomics”).
And so, after weighing up all the knock-on effects – the “moves after the move” – Bessent made his second massive trade.
He went short Japanese yen and long Japanese equities.
Sure enough, the yen weakened sharply, Japanese stocks surged, and the fund made approximately $3.5 billion in profits. Multiple times more than the legendary Bank of England trade.
After Bessent’s second huge trade, The Wall Street Journal dubbed him “The Man Who Broke the Bank of Japan.”
Bessent then left Soros Fund Management and launched his own firm: Key Square Group.
A key square in chess is a strategically vital square on the board that, if occupied by a player’s king, guarantees a decisive advantage.
Unsurprisingly, Key Square made major gains in 2021, 2022, 2023, and earned double digits in 2024, before Bessent was tapped by Donald Trump for his biggest role to date: United States Treasury Secretary.
Meaning today, rather than making his big bets with tens or even hundreds of millions of dollars... as Treasury Secretary, Scott Bessent now controls $30.6 trillion.
He is effectively the quarterback of the biggest economy in history. And he is about to put on the trade of his lifetime.
The only difference is, this time, you can be a part of it.
Those who know Bessent say he tends to wait for big, ripe opportunities and make larger wagers, rather than trade frequently.
And now that he has the full financial might of the U.S. Treasury behind him, we believe he’s about to unleash the biggest trade in financial history...
In a new class of government-backed instruments poised to reshape global finance as we know it... potentially giving early investors the chance to make life-changing gains.
As he said in a recent interview:
“I don’t know if you play backgammon, but in backgammon, there’s the move after the move.”
That’s Project Key Square to a tee.
Project Key Square All Centers Around The Biggest Market in the World
The U.S. bond market is the largest market in the world.... much bigger than the stock market.
According to the Bank for International Settlements, it’s valued at over $51 trillion.
Now, to be clear, you won’t need to buy, sell, or trade bonds in any way to be a part of this seismic opportunity.
But you must understand, U.S. bonds are considered the safest investments on earth, because they are backed by the full faith and credit of the U.S. government.
Almost every day, the Treasury holds auctions to fund itself. And usually, investors big and small, from Wall Street to Tokyo, line up to buy Treasury bills, notes, and bonds.
In short: The bond market is what keeps the lights on across America.
Which is why, in a recent interview, Bessent said:
“I view myself as the United States’ leading bond salesman.”
But recently, the government has run into a dangerous problem...
Demand For U.S. Treasurys
Has Been Falling Off a Cliff
The biggest holders of our debt, such as China and Japan, have been dumping their bonds for years.
According to recent analysis, China has been dumping about $4 billion per month over the past 24 months.
And then, in May of this year, something happened which must have made Bessent feel sick to his stomach...
First, Moody’s downgraded the United States’ credit rating, which made bonds much less attractive as a safe haven.
And then, at the U.S. Treasury Auction the following day, investors didn’t show up like at previous auctions.
The Washington Post called it a new red flag hitting the financial system.
Former White House budget director, Peter Orszag, said now “the wolf is lurking much closer to our door.”
And multi-millionaire financial writer Robert Kiyosaki said:
“THE END is HERE: The Fed held an auction for U.S. Bonds, and no one showed up.”
Ray Dalio, the founder of the world’s largest hedge fund, said it’s “a critical, critical situation” and that we should be afraid.
Stanley Druckenmiller called what’s happening a “fiscal doomsday machine.”
Paul Tudor Jones added:
“If I had a choice between holding a US Treasury bond or a hot burning coal in my hand, I would choose the coal. At least that way I would only lose my hand.”
And Jamie Dimon, the head of the world’s largest bank, JPMorgan Chase, said:
“You are going to see a crack in the bond market, OK?” [...]“I'm telling you it's going to happen, and you're going to panic.”
What’s more, on top of this crack in the bond market, the United States faces another unprecedented fiscal challenge...
Approximately $9 trillion of federal debt is “coming due” within the next twelve months, and over $14 trillion within the next three years.
Scott Bessent knows he must do something to fix this problem—and fast.
In fact, he may have only one attractive option remaining on the table: Project Key Square.
Put simply, the U.S. government will do absolutely anything to save the bond market.
And, if you’re a student of financial history, you’ll know this wouldn’t be the first time the government has been forced to take radical steps to keep the lights on.
Some of the world's greatest investors – and even President Trump – are already preparing for this once-in-a-lifetime opportunity.
Last month, in anticipation of this event, Trump's media conglomerate quietly invested billions in the asset behind Project Key Square.
But few understand how a brewing Treasury crisis could become ground zero for this $2 trillion government-backed pivot...
Creating fortunes for those who act fast.
This May Be the Biggest Story That You’ll Ever Get to Be a Part Of
On Tuesday, August 12, at 10 a.m. Eastern time, Eric Wade will reveal exactly what’s happening...
Including the straightforward money move you can make from where you are sitting if you want to be a part of this breaking story...
And why this is the kind of asymmetric trade you may only see one or two times in your lifetime.
Just for tuning in, Eric will share a name and ticker with you, which he’s convinced will 10X from here...
Along with a move that could as much as 10X your money if history is any indication.
All will be revealed on Tuesday, August 12, at 10 a.m. Eastern time.
So, cancel your plans... mark your calendar... and prepare to be one of the first people in America to understand what would go down as the biggest trade in history: Project Key Square.
Your private link to access this briefing will be sent to you by e-mail as soon as Eric goes live.
The subject line will be: Join Stansberry’s Urgent Briefing now.
Regards,
The Stansberry Research Team
P.S. If you haven’t done so already, you can save a free calendar reminder for when Eric goes live, here.
