This week we staged an intervention for Scott Bessent—the failed hedge fund manager who lost 90% of his assets during the greatest bull run in history and is now the most interventionist Treasury Secretary in decades, scoring own goals in the bond market, undermining the new Fed chair, and threatening Iran with sanctions while refusing to answer a single question about China. Then we checked in on the Trump family stablecoin, which has quietly doubled in market cap. It’s a reminder that the most corrupt president in American history is building the most powerful personal wealth machine in the world, and Congress is about to hand him the legislation to run it.

Chapters

Intro: 00:00:38

Quick Takes: 00:01:28

Max Notes: 00:10:28

Killer Left Take of the Week: 00:21:28

Chart of the Week: 00:23:05

Outro: 00:24:19

Resources

Jimmy Carter Presidential Library: Economic Sanctions of Iran

Associated Press: Bush Prods Allies for Tougher Stance on Iran

American Rhetoric: Barack Obama - On United Nations Sanctions Against Iran

C-SPAN: President Trump announces sanctions on Iranian National Bank

Bloomberg Podcasts: US to End Dollar Access to Those Laundering Iran Money Says Bessent

The New York Times: Jeffries and Kushner Meet Privately as Midterm Attacks Fly

The New York Times: Court Allows Trump to Pursue Mail Voting Limits, for Now

Politico: Trump votes by mail again in his home state of Florida

Financial Times: Natalie Harp, the devoted ‘human printer’ in Trump’s entourage

PBS NewsHour: The potential economic fallout of Trump’s trade war with Canada

Charles Booker for U.S. Senate

Daily Kos: Sean Duffy afraid Harvard will ‘corrupt’ daughter’s brain

Mother Jones: It Just Got Way Easier to Sue Fossil Fuel Companies Over Climate Change

Bloomberg: Bessent Becomes Most Interventionist Treasury Chief in Decades

Fortune: Scott Bessent is using moves from his hedge fund days to prop up Japan’s yen—and America’s $40 trillion national debt

The New York Times: He Helped ‘Break’ the Bank of England. Now He May Run the U.S. Treasury.

The Bulwark: How Trump’s Treasury Secretary Crashed His Own Hedge Fund (w/ Marshall Brandt)

Bloomberg: Will Bessent’s Old Trump Jokes Make His Treasury Job Tricky?

Bloomberg: Bessent Is Stealing a Playbook He Didn’t Even Like

AlterNet: Trump Treasury secretary torn apart for leaving out ‘to-do’ list ‘on-purpose’

Reuters: US will do ‘whatever it takes’ to support Japan after yen intervention, Bessent says

CNBC: Bessent’s efforts in the Treasury market so far haven’t worked. Here’s what else he can try

The Hill: Federal Reserve shifts away from forward guidance under new chief Kevin Warsh

Politico: Bessent’s ‘economic D-Day’ against Iran begins with a ‘warning shot’

Straight White American Jesus: Christian Nationalists and Tech Lords: Derek Chauvin Should Go Free & George Floyd Wasn’t Murdered

Reuters: Trump’s stablecoin chosen for $2 billion Abu Dhabi investment in Binance, co-founder says

CoinGecko: USD1

UNFTR Resources

Video: On The Record 08-25-26 (Scott Bessent is a Loser Who Wants to be President.)

Essay: President Scott Bessent.

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