Bannon's War Room - Episode 5613： Treasury Sec Scott Bessent Brings Economic DDay To Iran

00:00:00.000 Good afternoon. Today, at President Trump's direction, the United States Treasury has begun

00:00:08.280 Operation Economic Outcast, an unprecedented campaign against the Islamic Republic of Iran 0.99

00:00:16.080 and its enablers. In the Second World War, D-Day marked the historic beginning of a campaign with 0.99

00:00:24.380 our allies to target and drive the enemy

00:00:28.280 from its positions, including those in third countries.

00:00:32.420 Today, in that same spirit, we are launching 0.98

00:00:36.320 an economic onslaught against Iran's financial connections 0.98

00:00:41.140 around the globe, around the globe. 1.00

00:00:43.900 Our objective is to sever every economic lifeline

00:00:48.800 that sustains this tyrannical regime

00:00:51.640 until Tehran stands alone.

00:00:55.040 Iran's fanatics devote themselves to death to America

00:00:58.980 and seek nuclear weapons to do just that. 0.98

00:01:02.420 They have murdered and maimed more of our citizens

00:01:05.760 and service members than any other terrorist regime on Earth. 0.55

00:01:11.660 And they have been at war against America, their neighbors

00:01:15.260 in the Gulf, and much of the world for 47 years.

00:01:20.100 President Trump has taken action that his predecessors have long deferred. 0.92

00:01:25.060 And under his leadership, America is no longer managing the Iranian threat. 0.98

00:01:30.680 We are ending it. 0.95

00:01:33.100 Our great armed forces have laid the groundwork for achieving the present's objective of preventing Iran from ever obtaining nuclear weapons. 0.93

00:01:44.320 They have shown America's resolve to finally end this threat.

00:01:48.320 And the strength of America's economy under President Trump allows us to wage this sustained financial operation alongside the might of our military. 0.76

00:01:59.960 Iran now faces a very clear choice with only two paths before them. 0.54

00:02:06.220 Complete global isolation and a subsistence economy or a path back to normalcy with an opportunity to rejoin the global economy. 0.91

00:02:15.540 Today, we are launching Operation Economic Outcast to foreclose every other option available to the Iranian regime. 0.97

00:02:26.140 Treasury has mapped every node, every facilitator, and every network that Iran has used to smuggle oil and evade sanctions.

00:02:35.980 Beginning today, the actions of Treasury and other agencies will tighten the noose 0.64

00:02:41.740 and block every potential source of revenue that funds the IRGC and the evil Iranian regime. 0.80

00:02:49.500 We are enforcing a zero-leakage approach. There will be no minimal breathing space for the regime 0.92

00:02:55.340 to rebuild its capacity to inflict terror against America and the world. The final refuge of this

00:03:03.260 This regime is a mistaken conclusion of nations that still finance the Iranian threat in the 0.76

00:03:09.760 hopes of evading it. 0.59

00:03:11.580 It is no longer acceptable to operate in the gray spaces of this conflict.

00:03:18.120 Countries cannot claim they are blind to enabling this activity. 0.68

00:03:23.100 Iran's enablers purchase, transport its petroleum.

00:03:27.120 They facilitate the flow of its finances through exchange houses and free trade zones.

00:03:32.460 They welcome Iran's flights and maintain registries on its behalf.

00:03:36.780 They turn a blind eye to seaborne fuel transfers and overland transits. 0.74

00:03:42.900 They condone illicit use of their banks, all the while concealing the extent of their complicity.

00:03:49.820 The president is making phone calls to world leaders with specific requests to cease their

00:03:55.840 interactions with the regime.

00:03:59.180 We are already seeing results.

00:04:01.320 Over the weekend, comments from Iranian leadership clearly acknowledge the effect of this campaign,

00:04:08.500 and nations that facilitate any interactions with the regime should quickly heed our message.

00:04:16.500 Those who stand with the United States will reap the rewards of our partnership.

00:04:20.720 Those who tether themselves to the Iranian regime should expect to share in the isolation 0.97

00:04:26.820 of a withering regime.

00:04:30.380 from Treasury, State, and the U.S. military are now meeting

00:04:35.080 with their global counterparts to tell them

00:04:37.660 that the United States expects action.

00:04:41.360 Every country has a defined timeline

00:04:43.960 to shut down activities we have identified.

00:04:46.800 If they do not take action, we will do so unilaterally

00:04:50.500 through Treasury authorities.

00:04:52.360 For example, every branch of bank melee must be shuttered

00:04:59.440 and dark and let me be clear any entity that facilitates money laundering on behalf of iran

00:05:08.000 will be removed from the u.s dollar system the clock just started ticking the new sectoral

00:05:15.760 sanctions determinations issued today target five of iran's most vital lifelines that it exploits

00:05:23.920 in other countries digital assets technology gold aviation and shipping these measures

00:05:32.320 broaden secondary shank sanctions risk for anyone foolish enough to continue conducting business

00:05:39.120 with this regime and will accelerate the speed with with we pursue them as i speak

00:05:46.160 The Treasury's Office of Foreign Assets Control is also sanctioning over 60 entities, individuals, 0.86

00:05:54.500 and vessels around the world that enable the Iranian regime to procure illicit nuclear

00:06:00.920 and missile technology, conduct cyber operations, and generate oil revenue. 0.77

00:06:07.280 This is a sustained campaign to collapse every last option for Iran. 0.74

00:06:13.160 Let there be no ambiguity as to the position of the United States. 0.91

00:06:17.320 An economic engagement of any kind with this murderous regime will expose those responsible

00:06:23.760 to the full reach of American power. 0.88

00:06:27.180 For decades, this regime has drawn strength from a calculus that regards Iranian retaliation

00:06:34.420 as certain and American enforcement as negotiable.

00:06:38.660 Under President Trump, that era is over.

00:06:42.640 To the ordinary soldiers supporting this regime, as more and more of your paychecks stop or

00:06:47.680 are supposedly just delayed, ask whether your commanders are leading your country to triumph

00:06:53.760 or to ruin, and recall that the Berlin Wall fell when ordinary soldiers decided not to

00:07:00.580 shoot at their own people. 0.76

00:07:02.940 And to those who enable Tehran, do not discount the cost of testing Washington's resolve. 0.96

00:07:10.080 No nation should expect to enjoy the rewards of our system while helping those who seek 0.96

00:07:16.960 to destroy it.

00:07:17.960 It is now a time for world leaders to make a decision between prosperity and isolation, 0.99

00:07:25.660 peace and terror, America and Iran. 0.96

00:07:30.300 The campaign we begin today will gather force with every day that follows, and it will not 0.98

00:07:36.160 end until this regime stands alone. 0.53

00:07:39.760 So if you're talking about going after countries that are enabling Iran, financially enabling Iran, China is up there. 0.77

00:07:46.620 Number one. Number one. So in the past, we've excluded China.

00:07:51.340 Is this them saying they're going to include China now? I mean, Ned thinks they're going to balk.

00:07:56.560 We think from what was said today that China is not exempt from this. 0.97

00:08:00.940 But what we also don't know is, you know, how do you cut China off completely from Iran? 0.98

00:08:05.020 I mean, are you going to enforce a full naval blockade of Iran so that no ship, no oil can get to China?

00:08:12.300 But wouldn't you also need a land blockade as well?

00:08:14.260 Yeah, 100 percent. I mean, this is the thing.

00:08:15.940 You can't have an economic D-Day between Iran and China without enforcing this.

00:08:21.160 And maybe General Holtley can address this. 0.67

00:08:23.940 But I don't see how you enforce an economic blockade with specific respect to China without having a full military blockade of the country.

00:08:33.960 And I think that seems highly unreasonable, given that all our assets are there right now.

00:08:38.700 We've even pulled them out of the Pacific theater.

00:08:40.860 This makes us a very difficult, if not dicey proposition.

00:08:43.560 Is there a trade blockade then?

00:08:44.740 Do we go back to the thousand percent trade tariffs that Donald Trump initially wanted to impose on China?

00:08:50.880 We're kind of already there.

00:08:51.640 I mean, Iran's economy is completely collapsed.

00:08:53.900 I mean, their currency is two million to the dollar, right?

00:08:56.980 I mean, they're having hyperinflation.

00:08:58.900 They have, you know, cut off from a wide variety of goods and services from around the world.

00:09:02.800 I don't know what the next steps are that can make it any worse.

00:09:06.540 They've decapitated the entire regime.

00:09:09.460 Presumably, according to the president, we have control of the strait.

00:09:12.120 That is not actually accurate.

00:09:13.800 But you would have to, I think, completely enforce a military and economic embargo around the country.

00:09:22.240 Monday, 24 August, Year of Our Lord 2026, Jack Posobiec joins us.

00:09:27.040 Jack, your first cut observations, Scott Besant laid down the law.

00:09:32.040 We're going to break this down throughout this hour, going to the White House of McCabe, back to Poso.

00:09:36.720 But Poso, first cut, your thoughts.

00:09:39.540 Well, Steve, this is exactly what we've been talking about since day one.

00:09:44.000 The secondary sanctions, and I'm just going to come out and say it because we've been saying it here since February.

00:09:50.560 We've said it all day on the Saturday show.

00:09:52.680 It's all about the Chinese Communist Party, that if you want to weaken the Iranian regime,

00:09:57.720 You have to go after the people they are selling to, the people who are backing the regime.

00:10:02.060 This is where you can actually put the screws to them. 0.51

00:10:05.500 You go after the Chinese communists, not to mention with Iran, but also look at what they did to stealing our election as President Trump and Bill the Bulldog Pulte put out in that primetime address. 0.89

00:10:16.560 Go and look what China did during COVID, which we still have yet to receive a reparations check for. 0.89

00:10:20.960 And look what they're doing in terms of fueling the socialist revolution that's going on. Fifth generation socialist revolution, I should add, that's going on around America.

00:10:30.840 Well, Washington, D.C. has fallen to a Democrat socialist. The psychopath that just won the primary in Washington, D.C., who's going to be the next mayor of D.C., she's another Democrat socialist.

00:10:41.960 So America's greatest cities are falling to this. And don't think for a second that China isn't behind all of it.

00:10:47.500 jack um they they got a little bit on scott that i mean he announced their 60s and entities are 0.83

00:10:56.940 going after today that were uh foundational in in their nuclear weapons program with the chinese

00:11:05.200 he got asked by the about the chinese bank and of course we're getting this later but chinese

00:11:09.120 banks and all of it and he said look we've put them on notice do you think that there's enough

00:11:14.600 what we call muzzle velocity coming off this announcement today and what i mean it was pretty

00:11:20.380 definitive in the overview but a lot of obviously president trump has trump derangement syndrome

00:11:27.340 and some of these critics they're saying they didn't see enough action particularly against

00:11:32.220 the ccp today your thoughts well steve that's that's what i'm waiting to see because i i 0.90

00:11:38.760 absolutely believe that if you want to put the screws to anyone it's the chinese communist party 0.99

00:11:43.640 because they've been screwing us over for the last six years and they've been screwing the 0.99

00:11:47.480 American worker over for even longer than that. And tell you the truth, the, the, uh, the U S

00:11:52.980 chamber of commerce, wall street, they can all go pound sand because it's time to put America first. 0.91

00:11:59.240 And that means cutting off the Chinese communist party at the, uh, cut them off at the pump, 0.97

00:12:05.440 cut them off at the pump. The same way Americans are feeling pain at the pump, 0.97

00:12:08.700 make the Chinese feel the pain, too. 0.84

00:12:12.920 Jack, are they too central?

00:12:14.260 Some of the arguments on the business channels today

00:12:16.580 were a little shocked about particularly not just simply the oil

00:12:20.980 but going after Chinese banks.

00:12:22.520 They said, look, the Chinese banks are so integrated

00:12:24.720 into particularly East Asia and the Pacific,

00:12:28.180 if you go after their banks in secondary sanctions

00:12:31.640 and essentially, as Scott said,

00:12:34.000 cut them out of the global financial system,

00:12:36.860 that will cause total economic chaos.

00:12:39.740 Your thoughts?

00:12:41.380 Oh, I completely agree, and I love it

00:12:44.020 because they need to feel the economic chaos

00:12:46.240 that the American people have felt.

00:12:47.760 They need to feel the economic chaos

00:12:49.440 that America has been feeling since 2020

00:12:51.840 when their virus came onto our shores.

00:12:56.500 They need to feel the economic chaos

00:12:58.000 that the American worker has been feeling

00:13:00.080 when they see all of our jobs

00:13:01.840 being outsourced to communist China

00:13:03.580 and them trying to go around,

00:13:04.940 figure out where they can go to work.

00:13:06.060 they can't get a job anywhere in the Rust Belt because it's all going over there.

00:13:10.240 So you know what?

00:13:10.820 Yeah, it's time for a little economic chaos, and I couldn't embrace it more.

00:13:17.440 Jack, you're going to be with us throughout this hour.

00:13:20.920 I just want to make sure everybody's got your Twitter feed because you've been putting up great stuff.

00:13:24.640 What is your – you're the Associated Press of the MAGA movement on Twitter and Getter.

00:13:30.560 Where do people go?

00:13:32.280 Well, I do appreciate that, Steve.

00:13:33.540 And, of course, we're up at human events.

00:13:36.080 We've got the show up every day.

00:13:37.700 We're responding to these Democrat socialists.

00:13:40.200 We're up at Twitter, Getter, Truth Social, Telegram, at Jack Posobiec with a new book, Unhumans Socialist Revolution, the new edition.

00:13:49.140 Second edition is out 14 new chapters because this is exactly what we're in, Steve.

00:13:55.160 The revolution has moved fifth generation, and we've got fifth generation solutions to end it. 0.79

00:14:00.520 by the way the ccp and back of all of it jack basova thank you look forward i'm going to go 0.99

00:14:06.460 to the white house next and then bring jack basova again we're actually break down some of the q a

00:14:10.920 that scott besant uh went through today actually uh pretty good questions he was a little snippy 1.00

00:14:17.120 on a couple of them but you could tell he's uh he's very focused on taking down the chinese

00:14:22.340 communist party as the backer of the regime of the persians although they're run now by as

00:14:28.940 Trita Parsi said he agreed it's a militarized state.

00:14:31.920 They're run by the kind of second, third generation of Revolutionary Guard.

00:14:37.560 Ray Dalio's telling you, dump your bonds, buy gold. 0.87

00:14:41.800 Washington Post's got a huge story about the $40 trillion crisis we've got.

00:14:46.400 Find out for yourself.

00:14:47.960 Birchgold.com slash Bannon, end of the dollar empire.

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00:16:12.480 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.

00:16:20.500 So why not impose the sanctions today?

00:16:24.800 Well, we are giving everyone the opportunity to remedy bad behavior.

00:16:31.280 Why would I want to blow up the global financial system?

00:16:34.240 We believe that it is important to level set and give people a cure period,

00:16:39.800 but they should know that that will move very quickly and that we are serious.

00:16:45.620 Secondary sanctions are a very powerful tool, and we here at Treasury,

00:16:50.980 this is Gene Lang, the acting undersecretary for terrorism finance,

00:16:55.520 and in the terrorism finance department and at OFAC,

00:16:58.840 The reason we are able to use secondary sanctions is because we do not take their use lightly.

00:17:05.060 So we believe that a warning shot and a level set of expectations is appropriate.

00:17:11.740 And if people do not want to meet our expectations, then we expect, and they should expect, that they will leave the dollar system.

00:17:20.560 Thank you all.

00:17:21.620 he's the one in uh in charge there gene lang uh who was up on the podium with uh with uh

00:17:33.940 secretary benson is a total savage he's in charge of the the terrorism finance department and uh

00:17:41.640 will be extraordinarily aggressive let's go to the white house neil mccabe you were there

00:17:48.100 put us in the room. What was it like, sir? I was completely packed out. People were really

00:17:56.040 anticipating a big announcement. It seemed like a big announcement at the time. And I think that

00:18:02.840 as people were leaving and later on, they had time to contemplate that it wasn't so much a

00:18:07.360 big announcement, but a big warning that something is going to happen. You didn't play that question,

00:18:13.340 But there was another question that came up where Secretary Besson said that Friday he expects a major institution to be specifically sanctioned.

00:18:23.140 And I imagine that major institution is probably in Asia or doing business in Asia and probably is being given some time to toe the line and get on sides.

00:18:34.500 But I thought that was pretty significant.

00:18:36.380 well you talked about 60 uh i think 60 individuals institutions they're all over right now

00:18:44.560 that have been in business with the persians about uh a number of things cyber warfare but

00:18:50.180 particularly nuclear weapons the uae in china the ccp are the two critical components here 0.87

00:18:58.100 the uae already said last week that they're making arrangements to uh to clean up their act 0.97

00:19:03.940 it's not so much trade although they do some trade but it's really allowing dubai to be used

00:19:10.160 as a uh a center with the dubai financial institutions and banks as a center for money

00:19:15.500 laundering uh to to the uh to the military regime of the iranians also obviously the chinese

00:19:23.760 communist party is at every aspect of this fact i think a lot of what's happening in canada is

00:19:29.000 because of the chinese communist party your thoughts about that neil you spent a lot of time

00:19:33.180 working on this china problem they put them on notice today people said well why didn't they 0.87

00:19:37.580 sanction the banks right away and i think what scott is saying is that hey if we start sanctioning

00:19:42.460 chinese banks that's going to roll the financial system we're prepared to do that but we want to 0.92

00:19:47.440 give them some time to uh clean up their act and uh i think you're right i think this friday you're 1.00

00:19:53.020 going to see some major names announced because scott besant didn't look like he had any back down

00:19:58.060 in him whatsoever. Your thoughts. Yeah, it's all hands braced for shock, right? Stand by for heavy

00:20:05.580 rolls. I mean, it's coming. Get ready. We're not going to drop it on you. I think it's also

00:20:10.600 significant that the Chinese foreign minister, Li Jian, he put out his statement ahead of

00:20:16.940 Secretary Besson's press conference where he said, hey, I think these sanctions are a mistake.

00:20:22.160 They're going to escalate tensions. He also said that China will continue to protect its rights and its interests.

00:20:29.700 And he kind of laid it out that I got the impression reading it that, you know, maybe China will do its own sanctions, its own secondary sanctions.

00:20:39.300 There are some significant sanctions, however, in this. Right. It's the end of the academic educational exchanges.

00:20:46.740 it's the end of the sports exchanges and personal uh transmittals right had been allowed not the

00:20:54.540 corporate or government but individuals sending money back and forth that's also being blocked

00:21:00.740 and that's something that hits home so i mean there's stuff in there that's going to hit people

00:21:05.460 you know every day in iran and you know we'll see how it plays out obviously you have 60 individuals

00:21:11.820 60 vessels all tied to that shadow fleet that runs through hong kong and all these other countries

00:21:19.080 and our our friends in nato and out of nato uh switzerland is also part of that and so we'll see

00:21:25.460 how it plays out and i'm waiting to see when that uh with the other shoe drops on friday with a

00:21:30.840 major institution because as you said the spent the chinese banks weren't named at uh with the

00:21:37.900 OFAC notice that came out today talk to me about the the Chinese foreign minister I mean he

00:21:44.740 in so many words said yeah we do do this we're we trade with them we buy their oil

00:21:51.980 we're financing we're you know we're we're doing the overland route whatever it is that's our

00:21:58.360 business not your business and uh and you're gonna upset the things here I mean they couldn't

00:22:04.460 be kind of more in your face they have no intention at least everything they've said

00:22:08.840 publicly they're saying the united states is is causing more chaos here uh they try to talk us

00:22:14.560 how to go into war they're causing chaos and this is only going to cause more chaos but there was no

00:22:19.880 no uh attempt at the ccp to show any remorse uh for backing uh for backing this military junta sir 0.77

00:22:29.180 they are the rising power and as a rising power they're feeling their oats and they're saying 0.96

00:22:37.340 what's it to you and don't underestimate the leverage of that summit that's coming up in

00:22:44.020 september between president trump and president z because i think the president wants to tell people

00:22:49.900 that the conflict with china is manageable and going into the midterms the economy is going to

00:22:56.720 be fine and everybody's going to be happy i mean how do you how are you going to do that when

00:23:04.900 this entire everybody knows it i mean it's not a secret in washington dc in london in new york city

00:23:11.640 in beijing and shanghai that when they talk about secondary sanctions and they talk about sanctions

00:23:17.520 on financial institutions the first question he gets one of the first questions he gets asked

00:23:21.620 about chinese banks that and i keep saying hey the persians iran's just kind of an intermediary

00:23:27.860 this is what scott announced today is the um the the eve of economic war if you take it all the

00:23:35.520 way through to what they've said that we're going to have a we're going to drive you out of the

00:23:39.740 dollar-based system right it's the chinese communist party i i don't know and can't conceive

00:23:45.740 how you have a visit with Xi at the end of September,

00:23:51.440 given what we know, what they did in the 2020 election.

00:23:54.660 But you add this on top of it, particularly when, like you said,

00:23:58.040 it's action stations.

00:23:59.700 They're sounding the alarm for general quarters right now. 1.00

00:24:04.160 I don't know how you, because the Chinese Communist Party 0.92

00:24:06.540 is the absolute target of this, some UAE, no doubt.

00:24:09.920 But it's the CCP that is the target of this, sir.

00:24:12.320 it turns out that that's where like the cold front and the warm front meet and you have a storm and

00:24:21.460 they met at iran and we thought the problem was iran and their nuclear program and their support

00:24:27.500 of terrorism but really it was a conflict of two great powers that met one day at iran and now 1.00

00:24:34.720 that's coming to the fore and the chinese are just playing it up they're like they're as you 0.92

00:24:39.880 said they're not cloaking it they're not trying to smooth things out they're saying hey what's it to 0.96

00:24:44.380 you this is our block what are you doing here these are our friends when you said uh that they

00:24:53.540 may put on their own secondary sanctions that's not beyond i mean i anticipate that uh you know

00:24:59.560 people said hey the uh the revolutionary guard are going to go to military means they're just

00:25:04.640 It's not going to sit there and take being cut off or quarantined economically everywhere, including capital markets.

00:25:12.360 The CCP is the same.

00:25:14.700 Do you believe, as you read it right now, the CCP is thinking of their own sanctions that will be put in,

00:25:19.960 including on governments that go along and economies that go along and institutions that go along with the United States in this area?

00:25:26.680 well look at the scare that china put into people with when it said we're not going to sell you

00:25:35.260 rare earths anymore right and then everybody remembered that those catapults on our aircraft

00:25:40.680 carriers use rare earth those magnets are from china and those magnets it turns out are everywhere

00:25:46.820 and then what do you do and so china's willing to flex and i suspect because a lot of what china 0.96

00:25:53.780 does Steve is they they emulate what we do right we went to the moon they want to go to the moon 0.87

00:25:59.180 we have aircraft carriers they want to have aircraft carriers and so they watch what we do

00:26:04.080 and so they're just going to follow that playbook and they're going to say okay what if we start 0.96

00:26:08.740 boxing people out of China well there's a lot of people around the world and many of them are

00:26:13.000 friends and many of them Americans who don't want to be boxed out of China at all and if if China

00:26:18.840 starts playing that game then then you're really going to have a problem because how do you unwind 0.75

00:26:23.440 it. And it's going to be rough. Do you think the White House appreciates the gravity of what

00:26:32.020 Scott Besson laid out today? I'm not I'm not sure it's on their radar yet. And I think that's

00:26:42.320 because he said we're going to have a winding down period that some of the individual countries

00:26:48.320 are given their own specific deadlines. We're expecting some of this stuff to take effect.

00:26:53.440 in September after Labor Day. And so because there's some time before things actually take

00:26:58.940 effect, I don't think people are really treating it like it's Action Jackson. We have to get on

00:27:04.620 the jump now. I think they were willing to let the secretary go out, put this out, see how it

00:27:11.120 plays. And then, you know, obviously it's up to Secretary Besson to make that argument inside

00:27:16.640 the White House. I mean, there's a tunnel between Treasury and the Oval Office. And I imagine he's 0.94

00:27:21.680 in that tunnel a lot lately i think there was a tunnel i i believe the four stories down that

00:27:29.000 the ballroom goes the above ground i'm sorry and and i think i think the tunnel i think the tunnel

00:27:35.980 got sealed hang on a second neil we're gonna go back to the white house text network usa

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00:29:52.960 war room

00:29:56.480 here's your host

00:29:57.800 Stephen K. Mann

00:29:59.160 okay Neil where do people

00:30:02.400 where do people get you sir

00:30:03.840 see if they can find me on all the

00:30:08.080 socials at reporter McCabe

00:30:10.320 and they can check out my

00:30:12.060 outstanding columns at the

00:30:14.060 South Shore Press sir

00:30:16.180 thank you brother appreciate you and thank you

00:30:20.060 for giving the reviews of the column before people

00:30:22.040 read it, but I appreciate that. I always love that. Thank you so much. Neil McKay was over

00:30:28.860 Treasury with us for us today. Posobiec, Jack, I want to play a couple of the Q&As on Scott Besson

00:30:37.060 and have you opine to it. Let's go and play the first one. One of the most powerful tools you

00:30:42.280 have at your disposal is the ability to impose secondary sanctions on banks and financial

00:30:48.600 institutions that facilitate transactions for Iran.

00:30:54.200 Chinese banks have often been talked about being targeted, but we don't see any of those

00:31:01.200 institutions targeted here.

00:31:03.580 Is that something that is coming in this campaign, or is the very delicate trade truce with

00:31:11.080 China something that could prohibit you from going that far and taking that very big step?

00:31:17.900 We want to make clear here today that no one is above the reach of U.S. sanctions, that

00:31:25.620 if they facilitate transactions and are part of the ecosystem that turns Iranian oil into

00:31:33.080 money into repression, they will be targeted.

00:31:38.640 We find that the best way to engage with countries is through quiet diplomacy, and we are level

00:31:47.620 setting with every country to tell them our expectations. We know who they are. They know

00:31:54.120 who they are. So when the hammer of U.S. Treasury actions falls upon them, they will have no one to

00:32:01.880 blame but themselves. So, Jack, that's pretty bald-faced. The question was about China,

00:32:10.000 secondary sanctions, and you heard the answer. We did have as many of the China hawks as you are

00:32:17.480 and the war room is push for this confrontation with china the president stepped into it then we

00:32:22.780 had the rare earth's uh speed bump and we all kind of went back to okay fine maybe we'll just

00:32:29.100 go back to a level set your your thoughts about this because you know the vast majority of their 0.76

00:32:36.060 oil is monetized is sold to the ccp or to these ghost fleets to get it to the ccp so are they

00:32:43.060 going to just say, OK, Scott Bessence said we can't do that anymore. That's going to be fine.

00:32:48.420 We're going to look for alternative sources, sir. Well, Steve, I mean, look, there's there's all

00:32:55.780 sorts of alternatives that we can talk about. And these are places where when I put my intelligence

00:33:01.920 officer hat on from the United States Navy, you start to get really creative, because when you

00:33:06.860 look at China, what they do, they also use this sort of they call it the teapot refinery system

00:33:12.680 whereby in they have these sort of micro refineries, some of which are seaborne.

00:33:17.320 And gosh, wouldn't wouldn't it be a problem, Steve, if all of a sudden those refineries had suffered some kind of cyber attack?

00:33:24.460 What if they all of a sudden, gosh, wouldn't it be a shame if some of them started to lose the ability to refine the oil petroleum that is sent to them and shipped to them through through the Strait of Hormuz from Iran and the Saudis as well?

00:33:38.120 I mean, gosh, you know, I would never say that President Trump should do that. 0.61

00:33:42.960 I'm just saying it would be a shame if all of a sudden their ability to generate the Chinese war machine, the People's Liberation Army Navy to punch out and reach Taiwan, South Korea or Japan to the second island chain, even third island chain with Guam, Hawaii. 0.88

00:34:00.360 If all of that suddenly ground to a halt because of their bottlenecks as well.

00:34:06.420 And, Steve, it's an understanding of the CCP system, an understanding of their strategic vulnerabilities as well, the same way they've understood ours.

00:34:16.820 But, Jack, the tariff situation, the trade war situation would make things uncomfortable for the Chinese.

00:34:22.780 It might make things more expensive.

00:34:24.720 It could slow down their economy.

00:34:26.260 You could drop a couple of points on GDP.

00:34:28.500 When you're talking about their ability to buy oil to run the entire apparatus and when you're talking about their banks, that the CCP treats the banks like national security weapons, major assets for national security, because this is a way they control much of East Asia and have financed the one belt, one road in sub-Saharan Africa, in Pakistan.

00:34:54.780 The reason they got such a great ally in Pakistan has been Chinese financial institutions and banks.

00:34:59.740 When you're talking about that, you're talking main battery of the power of the Chinese Communist Party.

00:35:05.400 They can't run their economy.

00:35:07.660 There'll be negative growth.

00:35:08.800 They will have bread riots. 1.00

00:35:11.020 You cut them off from Persian oil.

00:35:15.660 is it not the moral equivalent of what roosevelt did in cutting the japanese off of uh of oil from

00:35:22.460 the dutch what the dutch east indies back in uh in 1939 sir well steve i would say cast the dice

00:35:32.280 uh and by the way it would be rice riots not bread uh because it's china of course and we

00:35:37.820 have to understand as well that when it comes to the apparatus of the chinese communist party

00:35:42.840 It's been the United States through our foreign direct investment and the West writ large, the globalist class, they've been the ones putting that investment into China so that these banks have the ability to generate what they were able to generate in the first place.

00:35:58.300 Go look at where all the seed capital came in the in the wake of the Tiananmen Square massacre.

00:36:03.320 All right. That came from the United States, even going back to Deng Xiaoping in 1976,

00:36:07.960 when he said we're going to open up and liberalize the economy.

00:36:11.180 And it doesn't matter what color a cat is as long as it catches mice.

00:36:14.720 And the and the real answer is it came from all of the globalist class across the West,

00:36:20.940 whether it's the city of London, whether it's Wall Street, that's where they put all of their investment.

00:36:25.860 And so it has been the American money, the Western money that has propped up all of these financial institutions.

00:36:32.060 And Steve, you are exactly correct that this is why, you know, in 2008, when we had our financial crisis, which, by the way, the vast majority of Americans, the American worker and American working families underneath that median income level have never recovered fully from 2008.

00:36:50.300 People need to understand that. People need to understand that they've been living in a silent recession ever since.

00:36:55.860 That's why they went on board with President Trump in 2016, and that's why you're starting to see elements, and go look at Harry Anton over there, saying that white non-college voters are now negative six with President Trump.

00:37:07.820 That is because they're feeling the economic pain. 0.71

00:37:11.860 So with Besant, he's putting the economic pain on the Chinese Communist Party because he understands indelibly that we are the ones, when I say we, I mean the West, that sowed the seeds of our own demise. 0.52

00:37:25.240 And whether or not we are able to write this relationship or ever to get this relationship balance to be where it should be will actually determine whether or not we are a sovereign nation going forward. 0.58

00:37:38.500 Let's play. We got another. Let's go ahead and take another question of the Scots and we'll bring in a post.

00:37:43.540 So let's go and play it.

00:37:44.440 You just said moments ago that no one is above U.S. sanctions.

00:37:48.580 What specific secondary sanctions or penalties is Treasury prepared to levy against Chinese banks and shipping firms if they do not comply?

00:37:58.020 And then secondly, as you look to take these unprecedented sanctions,

00:38:01.740 you've also said that as the Iran conflict fades and oil prices recede, that will help bring down long-term bond yields.

00:38:09.700 In the meantime, you have mentioned your toolkit.

00:38:12.340 And I'm curious if you are looking at reducing auction sizes for longer-term dated Treasury debt going forward,

00:38:19.720 and what other actions you may consider from that toolkit?

00:38:22.140 Well, why don't we work backwards?

00:38:24.600 We issued the quarterly refunding announcement two and a half weeks ago.

00:38:30.300 We are going to continue with our regular program of auctions.

00:38:35.380 So you will be hearing from us again at the beginning of next quarter.

00:38:40.820 In terms of, as I said, every country, every entity should know that they should be prepared to face U.S. sanctions.

00:38:51.980 And no one is above this.

00:38:56.400 We are going to hold everyone accountable, and this is economic asphyxiation of this regime.

00:39:05.540 And, Jennifer, as I said, no one should test our resolve.

00:39:10.820 so you can see right there how focused wall street is on this china situation and the 1.00

00:39:20.280 secretary sanctions on oil but also the banks because they're so wired and these chinese

00:39:25.460 banks are among the biggest banks in the world about why people are so focused the second part

00:39:31.140 of the question part of the implication is that hey in this funding that you've got you've got

00:39:36.620 to have foreigners you have to have foreign entities like japan and the uk continue to buy

00:39:41.480 your treasuries up until the last couple of years the largest holder of the largest holder of u.s

00:39:47.020 security i think at one time it peaked at 1.2 trillion i think it's now at six or seven eight

00:39:51.660 hundred billion was the chinese communist party your response there jack seeing how maniacally

00:39:57.420 focused uh wall street is in the financial community because they understand that this

00:40:02.200 like predator versus alien, sir. Well, Steve, it's exactly right. And of course, as longtime

00:40:09.260 war room viewers and audience members and posse members will know that the war room has taught us

00:40:15.580 that what entity has turfed out more governments than howitzers. And of course, it's the bond

00:40:21.840 market. That is the entity that pushed, whether it's the UK, whether it's France, whether it's

00:40:27.440 all these other governments that were focused on, it's them. So that's why Japan, when they 0.73

00:40:33.220 had their issue with the yen a couple of weeks ago, Besson stepped in. Now, of course, he's

00:40:37.520 fighting that fight in the U.S. as well. So, Steve, this is absolutely something where he's

00:40:42.920 understood that it's going to come down to will and it's going to come down to resolve as to

00:40:48.060 whether or not the United States has the ability and the wherewithal to stand. And this is what

00:40:52.060 it comes down to. Are we going to stand up to Wall Street? Are we actually going to stand up

00:40:56.280 for the American people, the American worker, these people who've been shipping our jobs 0.96

00:40:59.660 overseas, who've been shipping scab labor from other countries to the United States,

00:41:04.340 putting them in places like Springfield, Ohio, or Montgomery County, Pennsylvania,

00:41:08.220 Charleroi, Pennsylvania, all these places that they're going directly into the Rust Belt.

00:41:13.220 The American people are sick of it. I think that any politician who steps up there and says,

00:41:19.960 we are going to lead this country for an economic example that's America first,

00:41:23.460 And we don't actually care what, as you say, Steve, the lords of easy money feel or what they say.

00:41:31.520 We actually have the ability to right the ship here.

00:41:36.360 Last thing, Jack, if on a scale from one to ten, ten being we're crossing Omaha Beach and taking the high taking the highlands right there and getting off because everybody stays in this beach is going to be either is going to be dead.

00:41:53.200 So we got to get off it from one to 10.

00:41:56.740 How important and intense was this announcement today?

00:41:59.880 A one, a 10 or anywhere in between?

00:42:04.300 Well, I think, Steve, I don't know if it's Omaha Beach just yet, but I think it's the announcement that Omaha Beach is in the crosshairs.

00:42:11.720 And if Omaha Beach is in the crosshairs, then people better start loading up on those landing ships.

00:42:17.180 They better get their packs ready and better understand where they're going to be because they got to make sure there's good weather.

00:42:21.940 and the pillboxes are set because that is what's coming.

00:42:26.260 So for people who think we've been through tough fights before,

00:42:29.060 you just wait.

00:42:29.920 You just wait for what's coming.

00:42:31.380 And Steve, the American people will be there for the administration

00:42:33.820 if they actually believe that the administration

00:42:36.400 is fighting their best interests.

00:42:39.200 I guarantee you the American people will be there. 0.90

00:42:43.340 What's ahead of us, too, is a complete reworking of Unhumans.

00:42:48.200 Give us 30 seconds on it.

00:42:49.880 Where can people go pre-order?

00:42:51.940 Steve, we are now facing a fifth generation Marxist revolution in this country.

00:42:57.660 And as such, we have had to come up with fifth generation solutions for crushing it, for stopping it. 0.91

00:43:04.100 That's why we put out the new edition of Unhuman Socialist Revolution with 14 new chapters that are filled with all of the unhumans activity that has taken place. 0.99

00:43:14.720 chapter and verse with an explanation of everything that has occurred since then, 0.84

00:43:19.800 but also the solutions to defeat it. It's now available for pre-order Amazon wherever you go

00:43:26.260 and buy books. We're now number one in globalization and politics in terms of number

00:43:30.760 one Amazon bestseller. And Steve, not only do we have our solutions, we even lay out Charlie Kirk's

00:43:36.440 plan, his vision, and we put that in an entire timeline of what Charlie Kirk said to re-engage

00:43:42.620 these young voters to stop them from the path to socialism.

00:43:48.060 Jack Posobiec, thank you, bro.

00:43:49.920 This book opened at number 13 the first time.

00:43:52.100 It will open number one this time.

00:43:53.700 Thank you very much.

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00:45:23.360 War Room.

00:45:24.400 Here's your host, Stephen K. Band.

00:45:26.760 this is um the kinetic war obviously has casualties there's there's people dead we

00:45:38.500 don't even know how many iranian civilians or have been killed in the in the kinetic part but

00:45:43.900 you've had uh you've had casualties in in israel you've had casualties in the region you've had

00:45:48.620 american casualties i think they're saying now they're the wounded alone is 750 or 800

00:45:54.240 uh obviously there's a there's a number of dead uh and the kinetic part was very bloody and and

00:46:01.980 quite destructive it's not that the economic warfare part is not going to have casualties

00:46:08.700 that a question at the end about the auctions always remember what we said is that the problem

00:46:15.440 is when you're this leveraged at 40 trillion dollars it's not simply the 40 trillion the

00:46:20.220 face amount it's the acceleration the accelerating nature of the increase of the debt

00:46:26.760 as we've warned a long time is that when you're at two trillion dollar deficits and that looks

00:46:35.200 like now is going to be for the foreseeable future and they say well how why do you say

00:46:39.060 that steve well the cr is just a continuation of the spending with the same revenues and some

00:46:47.660 growth but really because of the tax cuts and others uh you're not really adding to the five

00:46:54.020 i think it's still 5.5 trillion that's one of the reasons we keep giving out the number for

00:46:58.780 tax network usa the irs has a mandate to get every penny possible because they need to close that

00:47:06.700 gap between the 5.5 trillion that we take in from all sources and the seven and a half trillion

00:47:12.480 that is the kind of what we're spending that two trillion dollars continues to add to the debt

00:47:19.060 and because of the nature particularly what biden did during their illegitimate regime

00:47:24.720 uh the secretary treasury went and shifted a lot of it to short-term financing to try to keep the

00:47:31.160 interest expense down so now we're in a situation that i don't know we're refinancing one third of

00:47:38.000 that debt we keep talking about we're one busted treasury auction away from having a problem

00:47:45.060 even paul ryan said this a couple of months ago somebody said what's your greatest fear we said

00:47:49.460 my greatest fear is that you have a treasury auction that fails that means you can't get the

00:47:53.980 demand to actually buy the bonds and we've had a couple of treasury auctions that have been

00:48:00.700 let's say less than robust that was a while ago but less than robust it's one of the reasons

00:48:05.840 people are requiring, bondholders are requiring more money, i.e. higher interest rates on this

00:48:12.920 debt as our situation gets more and more precarious. The question she asked about the

00:48:22.400 gravity of the situation and also asked about the auctions is that the Chinese Communist Party

00:48:28.040 has been a, heretofore up until recently, I guess the last couple of years, been a big buyer

00:48:34.160 of government securities why they were in a search what's called a search for yield

00:48:38.860 they needed the yield off that to kind of pay their their own debt so make sure they had enough

00:48:43.620 in dollar you know enough greenbacks to uh basically fit into the world's economic system

00:48:50.280 now they're the leaders of the BRICS nations brazil takes the nominal head but it's really

00:48:56.120 ccp has been trying to get off the dollar as the prime reserve currency why they understand it's

00:49:02.160 one of the great powers of the United States is to have the dollar as the backbone of the

00:49:07.120 global financial system, which it has been since Bretton Woods right after World War

00:49:11.460 II with the collapse of the British Empire, the coming collapse of the British Empire

00:49:14.980 and the pound and the British financial institutions not just being big enough to kind of carry

00:49:21.020 the things forward.

00:49:21.940 Now, there's tremendous benefits of being the reserve currency.

00:49:27.040 There's also huge obligations.

00:49:29.140 At some point in time, the obligations oversee the benefits.

00:49:32.240 And yes, at some point in time, we ought to have a discussion about that.

00:49:35.600 Right now, you ain't got the ability to have a discussion because you've got to, you know,

00:49:42.380 if we didn't have the ability, if there was not a system where people needed dollars

00:49:48.300 and we could continue to run these deficits and finance it by government debt

00:49:52.340 backed by your full faith and credit, we would be Argentina.

00:49:56.120 We would be Argentina.

00:49:57.120 Now there's a way to work your way out of that, but it's not something you snap your fingers at.

00:50:01.720 What does this mean?

00:50:02.820 When you decide to go down the path of economic war, which we've advocated for quite a while,

00:50:07.540 in fact, this should have been done.

00:50:09.340 It was Scott Besson was doing a fantastic job in December and in January.

00:50:14.120 And you saw the results of that.

00:50:16.360 They had millions of people in the streets challenging the regime,

00:50:19.920 much more than they challenged after the bombing started.

00:50:23.760 Why?

00:50:24.640 Once the bombing started and casualties started, you kind of get back to the ancient vendettas.

00:50:28.640 Now you have the theocratic regime that particularly a lot of young people

00:50:34.280 and other people that hadn't been around in the initial revolution were very up front.

00:50:40.100 Let's maybe overthrow this thing. 0.99

00:50:41.740 Now it's all Persian nationalism. 0.99

00:50:44.680 You know, the West has bombed them and cartooned the two great Satans, 0.96

00:50:49.280 the big Satan in the United States and the little Satan Israel,

00:50:51.900 has gone and bombed them, bombed civilians, bombed targets that may be military in one 0.86

00:50:58.300 aspect of it, but had collateral damage. So you've had a rise in Persian nationalism.

00:51:02.060 That's why there's support, albeit I'm sure some of it grudgingly, to this, to even a harder core

00:51:08.260 militarized state than was before. Because I think it's pretty evident that a number of these young

00:51:14.060 military commanders are everybody as hard bitten as some of the senior individuals that got

00:51:20.020 eliminated what does this mean when you use when you go after countries that are resupplying them

00:51:26.100 you go after countries that are refinancing them you go to the countries that are paying for the

00:51:30.300 are monetizing their commodities i.e oil you get into a situation that now if somebody's not with

00:51:38.340 you they're again yeah if they're not again if they're again yeah then it's trade war economic

00:51:42.200 war etc that's why scott i think's done a very good job today and kind of laying out here's a

00:51:49.560 here's exactly what we're going to do

00:51:51.480 everybody is shot

00:51:52.600 but our patience is unlimited and things are going to

00:51:55.480 happen and he implied for 60

00:51:57.720 individuals and institutions it's already

00:51:59.740 happening around these

00:52:01.720 shadow fleets and that more is to come

00:52:03.500 in fact big institutions probably named

00:52:05.760 by

00:52:06.060 Friday it also comes 1.00

00:52:09.720 with risk remember the Chinese 1.00

00:52:11.680 are not nearly the buyers

00:52:13.060 of our securities that they have been before

00:52:15.580 but they are I think they hold six or

00:52:17.640 seven eight hundred billion

00:52:19.440 dollars. If they're to start dumping that, we've got another issue. So it's quite complex what

00:52:24.960 Scott's going through. And I think he's doing it in very, his own judicious fashion. But understand,

00:52:31.620 economic war is going to include everybody, including you. And this is not going to be free.

00:52:38.060 And I think people ought to notify people or say, people, hey, here could be the cost of it could

00:52:41.940 be higher interest rates. It could be tougher for us to do these auctions and to finance this.

00:52:47.840 That gets back to, wait for it, government spending.

00:52:50.840 And in two weeks, we're supposed to have fiscal consolidation with Russ Vogt and Scott Besson to walk through both revenue enhancements and also cuts.

00:53:02.880 And so far, they've thwarted Russ Vogt on impoundments.

00:53:07.500 Everything he's tried to do to cut the budget has just been laughed at.

00:53:10.840 Anyway, short commercial break.

00:53:12.360 Brian Harrison, we're going to go to Texas and talk about Texas next.

00:53:16.700 So much going on down there.

00:53:18.200 Plus, I'll have more commentary and observations about our economic warfare.

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00:53:57.240 Jim recently put together a new presentation explaining what he believes is happening, why it matters, and what Americans should be watching right now.

00:54:05.600 To get the full story, go to RickardsWarRoom.com.

00:54:09.780 That's RickardsWarRoom.com, and watch Jim's free presentation.

00:54:14.460 Again, that's RickardsWarRoom.com.

00:54:17.140 That's RickardsWarRoom.com to learn more about this $2.7 trillion in American resources

00:54:25.900 that President Trump is creating a massive opportunity.

00:54:29.640 Go check it out today, RickardsWarRoom.com.

Bannon's War Room - August 24, 2026

Episode 5613： Treasury Sec Scott Bessent Brings Economic DDay To Iran

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