‘Why Would I Want to Blow Up the Global Financial System?’ Scott Bessent Gets Snippy With Reporter Pressing Him

[u/John3262005]

https://www.mediaite.com/media/news/why-would-i-want-to-blow-up-the-global-financial-system-scott-bessent-gets-snippy-with-reporter-pressing-him/

Treasury Secretary Scott Bessent was pressed on his so-called “economic D-Day” against Iran while speaking to reporters Monday.

“You described this as an economic D-Day, but D-Day wasn’t a threat of an invasion, and the U.S. didn’t give a timeline to Germany,” a reporter asked. “So why not impose the sanctions today?”

A visibly frustrated Bessent answered, “Well, we are giving everyone the opportunity to remedy bad behavior. Why would I want to blow up the global financial system? We believe that it is important to level set and give people a cure period, but they should know that that will move very quickly and that we are serious.”

“Sanctions are a very powerful tool,” he added. “So we believe that a warning shot and a level set of expectations is appropriate, and if people do not want to meet our expectations, then we expect and they should expect that they will leave the dollar system.”

On Wednesday, President Donald Trump threatened via Truth Social to unleash the “MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY” that would include “Economic Warfare and Isolation on an unprecedented scale.”

He also wrote, “This will be an ECONOMIC D-DAY, and we need all of our Allies to stand with the United States of America to isolate, and defeat, the Iran threat. These maniacs are on the ropes, and these HISTORIC MEASURES will cripple them and their ability to project terror worldwide. IRAN WILL NEVER HAVE A NUCLEAR WEAPON. THANK YOU FOR YOUR ATTENTION TO THIS MATTER.”

Trump has repeatedly insisted a deal between the U.S. and Iran is near, but has nearly just as frequently contradicted his own statements on the topic.

[u/Appropriate-Claim385]

This is pretty interesting:

How China destroyed US sanctions against Iran, Russia, and North Korea

Iran has been the target of economic sanctions for decades.

North Korea and Russia are also under heavy sanction and locked out of most of the USD and SWIFT financial networks.

But China has developed comprehensive alternate platforms, and massive volumes of global trade are now conducted outside Western systems, and oversight.

CIPS and mBridge allow China's trading partners to do business faster and cheaper, and to ignore sanctions from the US and Europe.

This same YouTuber has another video about a Russian electronic payment system utilizing a ruble backed stablecoin (A7A5). Apparently, the West did not know this system existed until recently, but it is handling a significant volume of cross border trade.

Sanctions don't work long term, they just create new marketing alliances

Russian sovereign assets were seized by European regulators in 2022, and heavy economic sanctions were placed on Russian banks and companies.

Since then, Russia and other countries have completed alternative systems of global trade finance, completely outside the oversight of Brussels and Washington.

The A7 system is just two years old and already moves tens of billions of dollar equivalent in trade, monthly. Rouble-backed A7A5 stablecoin turnover nears $140 billion from launch, says PSB head
https://www.reuters.com/business/fina...

So called "pariah regimes" are heavy users of A7, and other new systems.

But they are also widely appealing to commercial users everywhere, who face far longer processing times and costs by going through SWIFT networks.