SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
scott bessent
Citing Shady Stock Trades, Warren Asks Bessent If SEC Should 'Be Knocking on President Trump's Door'
"Instead of draining the swamp, what Donald Trump is doing is he is enriching himself by taking advantage of his position," said Sen. Elizabeth Warren. "That is not public service."
Jun 03, 2026
US Sen. Elizabeth Warren on Wednesday pressed Treasury Secretary Scott Bessent on the suspiciously timed trading activity of President Donald Trump, pointing specifically to a large purchase of Nvidia stock just days before his administration approved a sale of the tech giant's chips to China.
During a Senate Appropriations Committee hearing, Warren (D-Mass.) asked Bessent—who has criticized lawmakers for trading stocks—whether he would be willing to hold his boss to the same standard. Last year, Bessent said that if any private citizen traded like members of Congress, the Securities and Exchange Commission (SEC) "would be knocking on their door."
"Should the SEC be knocking on President Trump's door?" Warren asked Bessent, who responded that the Massachusetts Democrat and her congressional colleagues should "lead by example."
"I would like to see the president of the United States lead by example," replied Warren, who supports a ban on congressional stock trading and does not own or trade stocks in individual companies. "Instead of draining the swamp, what Donald Trump is doing is he is enriching himself by taking advantage of his position. That is not public service. He's the one who should lead by example."
Watch the exchange:
Financial disclosures released last month show Trump made more than 3,600 trades during the first three months of 2026, purchasing shares in some companies that his administration is tasked with regulating.
"Many of these trades coincided with favorable regulatory decisions," NOTUS reported. "Trump purchased $1 million to $5 million worth of Nvidia stock on February 10, only a week before Nvidia announced a major computer processing power deal with AI and social media giant Meta. Trump previously purchased $500,000 to $1 million worth of Nvidia stock on January 6, a week before the Commerce Department officially approved the sale of some Nvidia chips to China."
In a video response response to the disclosures, Warren asked: "Was this insider trading? And what else is Trump doing to boost his own stock?"
"The American people deserve to know," said Warren. "What Trump is doing should be illegal. It's long past time that we ban the president and every single lawmaker in this country from trading in stocks. We need to end this corruption now."
Keep ReadingShow Less
Fetterman and Senate GOP Confirm Trump 'Sock Puppet' Warsh as Fed Chair
"Warsh's confirmation is another step in Trump's attempt to take over the Fed. That's not good for working families—it's good for Wall Street," said Sen. Elizabeth Warren.
May 13, 2026
The US Senate on Wednesday voted to confirm Kevin Warsh, the financier picked by President Donald Trump to be the next chair of the Federal Reserve.
Sen. John Fetterman (D-Pa.) joined with all Senate Republicans in voting to confirm Warsh, whose nomination was opposed by all other Senate Democrats except for Sen. Kirsten Gillibrand (D-NY), who did not vote.
US Treasury Secretary Scott Bessent thanked Republican senators and Fetterman for backing Warsh's confirmation, which he predicted would "usher in a new day at an institution that is in need of accountability, sound policy guidance, and the renewed sense of purpose to help guide our economy."
Warsh's nomination has been controversial from the start given that Trump has repeatedly undermined the US central bank's independence by browbeating outgoing Federal Reserve Chairman Jerome Powell to lower interest rates.
After the confirmation vote, Sen. Elizabeth Warren (D-Mass.) warned that Warsh would try to carry out Trump's demands to lower rates, even as key metrics show that inflation has accelerated in recent months thanks to the president's illegal war with Iran.
"Trump wants to control interest rates, and he nominated Kevin Warsh to be his sock puppet," wrote Warren in a social media post. "Warsh's confirmation is another step in Trump's attempt to take over the Fed. That's not good for working families—it's good for Wall Street."
Sen. Dick Durbin (D-Ill.) said he voted against Warsh's nomination because "working families are struggling more than ever to afford basic goods," and "they need a central bank that will fight for them, not the president and billionaires."
"I am not convinced that Warsh has the willingness to do what is best for the American people," Durbin added. "For that reason, I voted no on his nomination."
While Trump may want Warsh to start slashing interest rates to boost the economy, he likely faces an uphill climb in convincing other Fed board members.
Data released by the US Bureau of Labor Statistics this week showed the consumer price index posted a year-over-year increase of 3.8%, the highest rate of inflation since May 2023, driven by energy prices that surged nearly 18% from the year before.
Additionally, the latest producer price index, which measures wholesale prices paid by businesses and is considered a strong predictor of future inflation, posted a year-over-year increase of 6% in April, indicating inflation will likely accelerate in the coming months.
During Powell's final meeting as Fed chair last month, the board voted to hold interest rates steady, with several board members indicating opposition to projecting future rate cuts in the near term given signals of rising inflation.
Keep ReadingShow Less
US Families Set to Pay Combined $330 Billion in Tariff Costs This Year—Over $2,500 Per Household
Sen. Maggie Hassan said that while paying back businesses hit by Trump’s illegal tariffs, the administration “refuses to provide relief for families.”
Mar 13, 2026
American families could pay a combined $330 billion this year as a result of President Donald Trump's aggressive tariff policy, according to a report released Friday by the Democratic minority on the Joint Economic Committee in Congress.
Although the Supreme Court ruled Trump's use of emergency powers to pass sweeping tariffs illegal last month, US Treasury Secretary Scott Bessent has said the government is expected to bring in "virtually unchanged tariff revenue in 2026" compared with the previous year, as Trump has continued to enact new tariffs using different legal authorities in hopes of getting around the high court's ruling.
If Bessent's projection holds true, the committee's Democrats estimated that the average US household would pay more than $2,500 in tariff costs this year, a considerable increase from the more than $1,700 the committee found Americans paid in 2025.
The minority said it reached its findings based on official data on the amount of tariff revenue collected by the Treasury since 2025 combined with independent research from the nonpartisan Congressional Budget Office (CBO), which found last month that only about 5% of tariff costs are borne by foreign entities. About 30% is taken on by domestic companies, and the remaining 65% is passed on to consumers.
There is already somewhat of an answer in the works for businesses to recoup the illegal duties they've had to pay. Earlier this month, the US Court of International Trade (CIT) ruled that the Treasury Department and Customs and Border Protection must return $166 billion to around 330,000 importers hit by tariffs, including thousands of companies that have filed lawsuits seeking to recover their money.
However, the Trump administration has said it could take more than 4.4 million hours to process all refund requests for more than 53 million entries subject to the now-illegal tariffs.
On Thursday, Brandon Lord, an official with US Customs and Border Protection responsible for tariff collections, informed the court that CBP is about 40-80% done creating a system that will allow importers and brokers to submit refund requests. He said in a filing last week that it could be operational as soon as mid-April.
But Sen. Maggie Hassan (D-NH), the ranking member of the joint committee, lamented on Friday that while businesses are going to be reimbursed with interest, "the Trump administration refuses to provide relief for families" and is instead "choosing to institute new tariffs that will push prices even higher.”
On Thursday, Sen. Martin Heinrich (D-NM), another committee member, introduced a bill to create a new tax rebate for individuals and families hit by tariffs.
The so-called "Working Families Refund" would provide a $600 rebate to individuals earning $90,000 or less annually and to head-of-household filers earning $120,000 or less. Joint filers earning $180,000 or less per year would receive a $1,200 rebate. Each family would also receive an additional $600 for each dependent child.
"This is money that belongs to working families—not the CEOs of Walmart or Amazon or any other big corporation,” Heinrich said.
Trump has pressed ahead with his tariffs despite their rising unpopularity. In an NBC News poll last week, 55% of voters said the tariffs have hurt the economy, while just 33% said they have helped. And as his newly launched war with Iran has heightened economic instability, 62% of voters said they disapproved of his handling of inflation and the cost of living.
Seeking to stop Trump from squeezing a political win out of his policy's failure, Heinrich's bill also forbids the president from putting his own name on the tariff rebate checks, as he famously did with Covid-19 stimulus checks sent months before the 2020 election.
“The president may call the affordability crisis a ‘hoax,’ but working people feel it every time they pay for groceries or everyday essentials," Heinrich said. "This bill will return the money lost to Trump’s tariffs back to the people who paid the price.”
Keep ReadingShow Less
Who’s Leading Trump’s IRS as Tax Dodgers Run Wild? Apparently No One
Investigations and enforcement actions against rich tax cheats have plummeted amid a leadership vacuum at the Internal Revenue Service.
Mar 10, 2026
A group of Senate Democrats on Monday accused the Trump administration of "evading or ignoring" federal law by leaving the decimated Internal Revenue Service without a permanent leader during tax season, further enabling rich tax dodgers to run wild with no accountability.
In a letter to Treasury Secretary Scott Bessent, who has been serving as acting IRS commissioner since President Donald Trump's removal of Billy Long last August, a trio of Democratic senators stressed that "commissioner of Internal Revenue is not an optional role." The lawmakers—Sens. Ron Wyden (D-Ore.), Chuck Schumer (D-NY), and Elizabeth Warren (D-Mass.)—also ripped the Trump administration's establishment of the IRS chief executive officer position, calling it a "fake job that Congress never authorized."
Frank Bisignano is currently the CEO of the IRS, splitting his time there and at the Social Security Administration, his Senate-confirmed role.
The Democratic senators note in their letter that, under federal law, Bessent's authority to serve as acting commissioner expired on March 6, "absent a pending nomination."
"No nominee has been submitted," the lawmakers wrote. "Treasury previously assured [Republican Sen. Chuck Grassley] that a nomination would be forthcoming. That assurance has not yet been honored. The clock has now run out."
"Although the IRS is supposed to be nonpartisan, the only two Senate-confirmed positions at the IRS continue to be held 'temporarily' by Treasury officials who have political jobs," the senators added, referring to Bessent and Kenneth Kies, the assistant secretary for tax policy who is also serving as acting chief counsel of the IRS. (Kies was previously a lobbyist who helped corporations and rich Americans avoid taxes.)
During Trump's first year back in the White House, his administration terminated tens of thousands of IRS employees, leaving the long-underresourced agency with even fewer employees to enforce tax law.
Wyden, Schumer, and Warren wrote Monday that "leadership churn" at the IRS has also been "extreme," pointing out that seven commissioner or acting commissioner transitions occurred in 2025 and most of the agency's dozens of "top official positions" were "either vacant or filled by acting officials as of late last year."
The gutting of IRS staff—including a unit tasked with auditing billionaires—and the leadership vacuum at the top of the agency appear to have been boons for rich tax cheats.
The International Consortium of Investigative Journalists (ICIJ) reported last week that "during the new administration’s first year, the US Internal Revenue Service has referred at most two cases of possible tax evasion by ultrawealthy people or large businesses to its criminal investigators, a sharp drop from previous years."
"Not all criminal referrals trigger further investigation or lead to a prosecution," the ICIJ observed. "But they are a key metric of how vigorously the IRS civil divisions are investigating sophisticated tax dodging among high-net worth individuals. The wealthiest Americans account for a disproportionately large share of tax cheating, according to the US Treasury Department, and experts see sophisticated tax evasion schemes as a big contributor to runaway economic inequality."
Corporate tax avoidance is also rampant, thanks in large part to the latest round of Trump-GOP tax cuts enacted last summer. The Institute on Taxation and Economic Policy (ITEP) noted last month that "annual financial reports recently released by Amazon, Alphabet, Meta, and Tesla disclose that these corporations collectively reported $315 billion in US profits for 2025, and collectively paid just 4.9% of that amount in federal corporate income taxes—with Tesla paying exactly zero."
"The tax avoidance of these four companies alone blew a $51 billion hole in the federal budget last year," wrote ITEP's Matthew Gardner, "and this is likely just the tip of the iceberg."
Citing new disclosures, the Financial Accountability and Corporate Transparency (FACT) Coalition said Monday that major US corporations "collectively reduced their tax bills by more than $11 billion through tax havens in 2025."
"Meanwhile, American companies are getting out of paying a... US minimum tax, which has been effectively dismantled [by the Trump administration]," the coalition said. "The Corporate Alternative Minimum Tax, or CAMT, was intended to act as a backstop to ensure that large, profitable companies pay at least some tax, but has been eviscerated via recent regulatory changes that could be unlawful and unconstitutional."
Keep ReadingShow Less
Alberta Separatists Accused of 'Treason' After Secret Meetings With Trump Officials
“To go to a foreign country and to ask for assistance in breaking up Canada, there’s an old-fashioned word for that," said one provincial premier.
Jan 29, 2026
The leader of British Columbia on Thursday excoriated separatists in neighboring Alberta who met secretly on several occasions with officials from the administration of President Donald Trump, whose frequent talk of making Canada the "51st state" has tanked relations with the US' northern neighbor.
The Financial Times reported Wednesday that leaders of the right-wing Alberta Prosperity Project (APP), who want the fossil fuel-rich province to become an independent nation, were welcomed for three meetings with Trump officials in Washington, DC since last April.
APP is reportedly seeking US assistance, including a $500 billion line of credit from the US Treasury Department to help bankroll an independent Alberta, if any potential independence referendum succeeds.
According to the CBC:
Organizers of the Alberta independence movement are collecting signatures in order to trigger a referendum in that province. The pro-independence campaign has been traveling across the province as organizers try to collect nearly 178,000 signatures over the next few months.
"To go to a foreign country and to ask for assistance in breaking up Canada, there's an old-fashioned word for that, and that word is treason," British Columbia Premier David Eby, who leads the center-left BC New Democratic Party, said in Ottawa.
"It is completely inappropriate to seek to weaken Canada, to go and ask for assistance, to break up this country from a foreign power and—with respect—a president who has not been particularly respectful of Canada's sovereignty," Eby continued.
"I think that while we can respect the right of any Canadian to express themselves to vote in a referendum, I think we need to draw the line at people seeking the assistance of foreign countries to break up this beautiful land of ours," he added.
APP co-founder Dennis Modry told the Financial Times Wednesday that the separatist movement is "not treasonous."
“What could be more noble than the pursuit of self-determination, the pursuit of your goals and aspirations, the pursuit of freedom and prosperity?” he asked.
Trump and some of his senior officials have repeatedly expressed their desire to annex Canada, despite polite but vehement Canadian rejection of such a union. Trump's coveting of Canada comes amid his threats to acquire Greenland by any means necessary, his planning for a possible Panama Canal takeover, and his attacks on Venezuela, Iran, Nigeria, and other countries.
Last week, US Treasury Secretary Scott Bessent poured more fuel on the fire by seemingly encouraging Albertan separatism.
"They have great resources. Albertans are a very independent people," Bessent said during a media interview. "Rumor [is] that they may have a referendum on whether they want to stay in Canada or not... People are talking. People want sovereignty. They want what the US has got."
Alberta Premier Danielle Smith of the province's United Conservative Party said Thursday that she "supports a strong and sovereign Alberta within a united Canada," even as critics—including Indigenous leaders—accuse her of making it easier for a pro-independence petition to succeed last year.
Smith said the she expects US officials to "confine their discussion about Alberta's democratic process to Albertans and to Canadians."
Keep ReadingShow Less
'Economic Statecraft' Exposed: A Key Pillar of US Hybrid Warfare for All to See
It's certainly not diplomacy and it's not coercion. It is war conducted by economic means, all designed to produce an economic crisis and social unrest leading to a fall of the government.
Jan 24, 2026
John Maynard Keynes famously wrote in The Economic Consequences of the Peace (1919): “There is no subtler, no surer means of overturning the existing basis of Society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”
The United States mastered this art of destruction by weaponizing the dollar and using economic sanctions and financial policies to cause the currencies of targeted countries to collapse. On January 19, we published “The US–Israel Hybrid War Against Iran,” describing how the United States and Israel are waging hybrid wars on Venezuela and Iran through a coordinated strategy of economic sanctions, financial coercion, cyber operations, political subversion, and information warfare. This hybrid war has been designed to break the currencies of Iran and Venezuela in order to provoke internal unrest and ultimately regime change.
On January 20, just one day after our article, US Treasury Secretary Scott Bessent publicly confirmed, without qualification, apology, or ambiguity, that our description is indeed the official US policy.
It is high time that the world’s nations face up to America’s rogue economic behavior... This lawlessness is illegal, reckless, harmful, destabilizing, and ultimately ineffective in achieving America’s own goals, much less global objectives.
In an interview at Davos, Secretary Bessent explained in detail how US Treasury sanctions were deliberately designed to drive Iran’s currency to collapse, cripple its banking system, and drive Iran’s population into the streets. This is the “maximum pressure” campaign to deny Iran access to international finance, trade, and payment systems. Bessent explained:
President Trump ordered Treasury and our OFAC division, Office of Foreign Asset Control, to put maximum pressure on Iran. And it’s worked, because in December, their economy collapsed. We saw a major bank go under; the central bank has started to print money. There is dollar shortage. They are not able to get imports, and this is why the people took to the street.
This is the explicit causal chain whereby US sanctions caused the currency to collapse and the banking system to fail. This monetary instability led to import shortages and economic suffering, causing the unrest. Bessent concluded by characterizing the US’ actions as “economic statecraft,” and Iran’s economic collapse as a “positive” development:
So, this is economic statecraft, no shots fired, and things are moving in a very positive way here.
What Secretary Bessent describes is of course not “economic statecraft” in a traditional sense. It is war conducted by economic means, all designed to produce an economic crisis and social unrest leading to a fall of the government. This is proudly hailed as “economic statecraft.”
The human suffering caused by outright war and crushing economic sanctions is not so different as one might think. Economic collapse produces shortages of food, medicine, and fuel, while also destroying savings, pensions, wages, and public services. Deliberate economic collapse drives people into poverty, malnutrition, and premature death, just as outright war does.
This pattern of suffering as the result of US sanctions is well documented. A landmark study in The Lancet by Francisco Rodríguez and colleagues shows that sanctions are significantly associated with sharp increases in mortality, with the strongest effects found for unilateral, economic, and US sanctions, and an overall death toll comparable to that of armed conflict.
Economic warfare of this kind violates the foundational principles of international law and the UN Charter. Unilateral sanctions imposed outside the authority of the UN Security Council, especially when designed to cause civilian hardship, are illegal. Hybrid warfare does not evade international law by avoiding bombing (though the US and Israel have also illegally bombed Iran, of course.) The illegality of US “economic statecraft” applies not only to Iran and Venezuela, but to dozens more countries being harmed by US sanctions.
While the US sanctions work in the short run to create misery, their incessant use is rapidly encouraging other economies to decouple from the US financial stranglehold.
Europe has perhaps begun to learn that being complicit in America’s economic crimes is no salvation, since Trump’s government is now turning on Europe in the same way, albeit with tariffs rather than sanctions. Trump has threatened Europe with tariffs for not turning over Greenland to the US, though he rescinded that threat at least temporarily. When Trump “invited” France to join Trump’s Board of Peace, he threatened to impose a 200% tariff on French wine if France declined the invitation. And on and on.
The United States can wage this kind of comprehensive economic warfare because the dollar is the key currency in the global financial system. If third countries don’t comply with US sanctions on Iran and Venezuela, the US threatens to impose sanctions on the banks of those third countries, specifically to cut them out of dollar-based settlements (known as the SWIFT system). In this way, the US enforces its sanctions on countries that otherwise would be happy to continue trading with the countries that the US is trying to drive to economic collapse.
While the US sanctions work in the short run to create misery, their incessant use is rapidly encouraging other economies to decouple from the US financial stranglehold. The BRICS nations, and many others, are expanding the conduct of international trade in their own currencies, thereby building alternatives to the use of the US dollar and thus avoiding these sanctions. The US ability to impose its financial and trade sanctions on other countries will decline soon, probably precipitously in the coming years.
It is high time that the world’s nations face up to America’s rogue economic behavior. The US has been waging economic warfare with increasing intensity, all the while calling it “economic statecraft.” This lawlessness is illegal, reckless, harmful, destabilizing, and ultimately ineffective in achieving America’s own goals, much less global objectives. Europe has been looking the other way until now. Perhaps now that Europe too is under threat, it will wake up and join the rest of the world to put a stop to America’s brazen and illegal behavior.
Keep ReadingShow Less
Scott Bessent’s Tragic Transformation
Instead of a principled voice for sound economic policies and principles, Bessent has become a cheerleader for Trump’s dubious financial moves.
Jan 22, 2026
Treasury Secretary Scott Bessent’s job is to calm the economic fears that President Donald Trump creates. He has followed a curious journey to get there, and now he’s sacrificing his integrity and legacy to remain.
Stage 1: Democratic Fundraiser
Born in a small South Carolina town, Bessent, 63, graduated from Yale College in 1984 with a bachelor’s degree in political science. Eventually he went to work for Soros Fund Management—founded by the Republicans’ favorite Democratic demon, George Soros.
Bessent is openly gay, married since 2011 to a former New York City prosecutor, and has been a strong advocate for gay rights and marriage equality. In 2000, he supported Democratic presidential candidate Al Gore, co-hosting a fundraiser for him in East Hampton, New York. He donated $2,300 to Barack Obama’s campaign in 2007. Although he donated $25,000 to support Hillary Clinton’s presidential aspirations, by then he was a major donor to Republican candidates.
Stage 2: Republican Oligarch
Bessent returned to work for Soros in 2011 as chief investment officer but left in 2016 to form his own fund for which Soros provided a $2 billion anchor. From 2018 through 2021, as the global stock market broke records, the performance of Bessent’s fund was mediocre. Still, he amassed an estimated wealth of $600 million, although some reports refer to him as one of “Trump’s billionaires.”
Bessent and his husband have two children studying in Europe. As they process the European reaction to Trump, they may ask him what he is doing to make the world a better place.
Bessent donated $1 million to Trump’s inauguration in 2016, but was not part of the first term’s inner circle. When Trump left office in disgrace after January 6 and under the cloud of other legal woes, most business leaders were reluctant to support him publicly. But as Bessent said on Roger Stone’s radio show in 2024: “I was all in for President Trump. I was one of the few Wall Street people backing him.”
The 68 senators who voted to confirm Bessent as Treasury secretary probably hoped that, like Marco Rubio at the State Department, Bessent would be an “adult in the room.” Unlike other members of the clown car comprising Trump’s cabinet, Bessent would save the nation from Trump’s worst financial impulses.
After all, the country has never had a president who declared bankruptcy six times (although Trump told the Washington Post that he had only four because he counted the first three bankruptcies as one).
Stage 3 :Trump Sycophant
Instead of a principled voice for sound economic policies and principles, Bessent has become a cheerleader for Trump’s dubious financial moves. At times, he has resorted to rhetorical gymnastics to explain away Trump’s plain language. For example:
- On April 2, 2025, on what Trump called “Liberation Day,” the president announced his first round of universal tariffs. The thoughtless imposition of across-the-board tariffs was often nonsensical, such as tariffs on uninhabited islands near Antarctica and on countries with which the US has a trade surplus. Trump sent global markets into a tailspin and US interest rates upward. Five days later, Bessent admitted that he was surprised by the “impatience” of commentators and the financial markets. He tried to stop the carnage by saying that Trump’s bizarre action was simply a clever negotiating strategy—which made little sense to the penguins of Antarctica.
- In September, as major US companies announced the loss of billions of dollars resulting from Trump’s tariffs, Bessent dismissed their concerns.
- Bessent—who is not an economist—has parroted the Trump line that tariffs are not a tax on American businesses and consumers because foreign exporters bear the cost. A broad consensus of economists has concluded otherwise, and a major study released on January 19 found that consumers and businesses—not foreign exporters—bear 96% of tariff costs.
- As Trump touted tariffs as a boon to manufacturing, Bessent acknowledged that the US has been losing manufacturing jobs. But he insists that better days are coming.
- When Trump tried to fire Federal Reserve Board Governor Lisa Cook, Bessent said that the Fed’s independence was important, but that Trump had the right to fire her. After reportedly trying to persuade Trump not to fire Fed Chair Jerome Powell, Bessent has now become one of Powell’s most vocal attackers—along with Trump’s Justice Department.
- When the US Supreme Court heard oral argument in the case challenging Trump’s tariffs, Bessent sat in the front row. Now he’s criticizing Powell’s decision to attend the oral argument in Cook’s case.
- Most recently, Trump blamed his threat of a global trade war on Denmark’s refusal to let the US take over its longstanding territory, Greenland. In a social media post on Saturday morning, January 17, Trump announced new 10% tariffs on Denmark and the countries who stood with it in resisting Trump’s demand: Norway, Sweden, France, Germany, Britain, the Netherlands, and Finland, effective February 1. He threatened to increase the levies to 25% on June 1, unless Europe capitulated.
- Sunday evening, January 18, NPR’s Nick Schifrin posted a letter that Trump had previously sent to Norway’s prime minister, Jonas Gahr Støre. Trump revealed that after not winning last year’s Nobel Peace Prize “for having stopped 8 Wars PLUS,” he “no longer feel[s] an obligation to think purely of Peace, although it will always be predominant, but can now think about what is good and proper for the United States of America… The World is not secure unless we have Complete and Total Control of Greenland.”
- Hours after the public disclosure of Trump’s message, Bessent held an impromptu press conference on the sidelines of the World Economic Forum in Davos, Switzerland. He tried to explain away Trump’s childish fit: “I think it’s a complete canard that the president will be doing this because of the Nobel Prize,” Bessent asserted. Accusing Trump’s critics of “hysteria,” Bessent said, “What I am urging everyone here to do is sit back, take a deep breath, and let things play out.” His words fell flat, and he looked as uncomfortable as he must have felt.
- In Brussels on January 21, the European Parliament protested Trump’s demand by suspending its work on the previously negotiated US-EU trade deal. Meanwhile at Davos, Trump delivered a 90-minute screed that insulted many European leaders by name and reiterated his demand for Greenland. But later that day, Trump posted that he and NATO Secretary General Mark Rutte had worked out a “framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region.” And he walked back the new European tariffs he’d threatened to impose on February 1.
Stage 4: The Coming Quest for Rehabilitation
Bessent seems destined to follow the paths of other Trump enablers who eventually left the fold, like former Attorney General William Barr. He neutered the Mueller Report on Russian election interference during the 2016 election, only to resign 18 months later as January 6 approached. Eventually, Bessent will find himself on the outs with Trump, write a book, pursue a public speaking “redemption tour,” and explain that his government service saved the country from Trump’s worst impulses.
Such a rationalization rings hollow.
Bessent and his husband have two children studying in Europe. As they process the European reaction to Trump, they may ask him what he is doing to make the world a better place. The answer is also his legacy: In the process of sacrificing his personal integrity, Bessent has disserved the nation.
Keep ReadingShow Less
Danish Pension Fund to Divest Its Holding in US Treasuries After Greenland Threats
An investor at Deutsche Bank said the US reliance on foreign debt is a “key weakness” that could be used as leverage against Trump’s aggression.
Jan 20, 2026
A Danish pension fund is selling off its US treasuries in the wake of President Donald Trump's repeated threats to annex its sovereign territory, Greenland.
The fund, known as AkademikerPension, said on Tuesday that it was selling off assets worth $100 million by the end of this month.
Its investment director, Anders Schelde, insisted that the decision was due to "poor US government finances," and had nothing to do with Trump's bellicose threats in recent weeks, which have led several European nations to move troops to the island and conduct military exercises in preparation for a US invasion.
But, he said, Trump's threats "didn't make it more difficult to take the decision."
The US president said over the weekend that he would institute tariffs on several European nations if the US did not acquire Greenland by February 1. He has previously said he would not rule out using military force to conquer the island if diplomatic means failed, and when asked about it again on Monday, replied "No comment."
Greenland's prime minister, Jens-Frederik Nielsen, responded on Monday that it would “not be pressured” and “stand firm on dialogue, on respect, and on international law.” A day later, Nielsen warned the people of Greenland to start preparing for a possible military invasion. He said, "It’s not likely there will be a military conflict, but it can’t be ruled out."
Trump's threats against Greenland have rattled markets in recent days, with CNBC reporting on Tuesday that bond prices have fallen along with stock prices and the value of the US dollar, as investors sell American assets that have long been considered among the safest investments.
While Denmark accounts for only a sliver, Europe collectively holds about 40% of foreign US Treasury holdings, which it could use as a choke point in the event of further escalation by Trump.
"Europeans hold roughly $10 trillion in US assets: around $6 trillion in US equities and roughly $4 trillion in Treasuries and other bonds," said Ipek Ozkardeskaya, senior analyst at Swissquote. "Selling those assets would pull the rug from under US markets."
The idea of a wider European boycott of US bonds appears to have unnerved US Treasury Secretary Scott Bessent, who protested during remarks at the annual World Economic Forum summit in Davos that it "defies any logic" and urged European nations not to "listen to the media who are hysterical."
George Saravelos, head of FX research at Deutsche Bank, said if Trump is intent on shredding the long-standing US military alliance with Europe, it can return the favor by backing out of its role as America's number-one lender, which could trigger heightened inflation, dollar depreciation, and higher interest rates that make borrowing and spending more costly.
"For all its military and economic strength," Saravelos wrote, "the US has one key weakness: It relies on others to pay its bills via large external deficits."
Keep ReadingShow Less
Victory for Corporate Tax Dodgers as OECD Approves Watered-Down Global Minimum Tax
“The Trump administration has chosen to prioritize maintaining rock-bottom taxes for big corporations to the detriment of ordinary Americans and our allies across the globe," said one critic.
Jan 05, 2026
The Organization of Economic Cooperation and Development is facing criticism for buckling under US demands when finalizing an update to the global minimum corporate tax agreement.
As reported by Reuters on Monday, the OECD agreed to amend a 2021 deal to enforce a 15% global minimum corporate tax to include "simplifications and carve-outs to align US minimum tax laws with global standards, accommodating earlier objections raised by the Trump administration."
Under the original framework, OECD members agreed to apply a 15% corporate tax on multinational corporations that book profits in jurisdictions that have lower tax rates.
President Donald Trump objected to this, however, and insisted that some US corporations be given exemptions that have subsequently been granted by OECD states.
US Treasury Secretary Scott Bessent said that the revised deal "represents a historic victory in preserving US sovereignty and protecting American workers and businesses from extraterritorial overreach," while noting that it allowed for US-headquartered firms to be subject only to US global minimum taxes.
Some critics, though, accused the OECD of letting the US get away with robbery.
Zorka Milin, policy director at the Financial Accountability and Corporate Transparency Coalition, warned that the deal "risks nearly a decade of global progress on corporate taxation" by allowing "the largest, most profitable American companies to keep parking profits in tax havens."
“The Trump administration has chosen to prioritize maintaining rock-bottom taxes for big corporations to the detriment of ordinary Americans and our allies across the globe," Milin added.
Alex Cobham, chief executive at Tax Justice Network, said other OECD members were only hurting themselves by caving to Trump's demands.
"By the Tax Justice Network’s assessment, France for example is already losing $14 billion a year to tax cheating US firms, Germany is losing $16 billion, and the UK is losing $9 billion," Cobham explained. "Today’s bending of the knee to Trump will cost countries billions more. But how much more? Tellingly, the OECD, which has delivered this shameful result, and OECD members have not put a number on the scale of tax losses that will result."
An analysis published last month by the Institute on Taxation and Economic Policy (ITEP) made the case that global minimum corporate taxes were needed to prevent US companies from sheltering vast profits by reporting them in nations that serve as offshore tax havens.
As an example, ITEP pointed to data showing that the profits US companies reported in notorious tax havens such as Barbados and the British Virgin Islands were more than 100% of those territories' gross domestic product, which the report noted "is obviously impossible."
ITEP went on to state that full implementation of this global minimum tax is "the best hope for blocking the types of tax avoidance that have weakened corporate income taxes all over the world" by making it "difficult for any single government (even one as powerful as the US) to ignore or weaken it."
Keep ReadingShow Less
Warren Warns 'Trump Could Be Setting the Stage' for Next Financial Crash
Discussing the post-2008 financial rules, Trump's Treasury chief told a Fox host that "we have to take the financial system out of this straitjacket."
Dec 17, 2025
President Donald Trump's administration "wants to turn the clock back to 2008 and let Wall Street run wild."
That's how US Sen. Elizabeth Warren (D-Mass.) responded on Wednesday to Treasury Secretary Scott Bessent's comments to Fox Business Network host Maria Bartiromo about the administration's deregulatory push.
Without naming it, Bessent took aim at the Dodd-Frank Wall Street Reform and Consumer Protection Act, a 2010 law that Warren, then a longtime Harvard University professor, fought for in the wake of the 2008 financial crisis.
Recalling that era, Warren said: "We all know how that ended—with taxpayers bailing out Wall Street while millions lost their homes and got fired from their jobs. Donald Trump could be setting the stage for the next crash."
Warren was far from alone in calling out Bessent after journalist Aaron Rupar noted that during the Fox interview, the ex-hedge fund manager said: "I chair something called FSOC, the Financial Stability Oversight Council, and these 2008, 2009, 2010 financial rules were too tight. They have hamstrung the American financial system. It was time for a change. We're gonna be safe, smart, and sound in terms of our deregulation. But we have to take the financial system out of this straitjacket."
University of Michigan business law professor Jeremy Kress said: "Fact check: The decade following the Dodd-Frank Act marked the longest period of economic growth in US history. The main problem with the post-2008 reforms is that they did not do nearly enough to limit the nonbank risk-taking that Bessent and his allies have enabled."
Progressive political commentator and YouTuber Kyle Kulinski declared, "These people are hell-bent on creating a new Great Depression."
Dean Baker, senior economist at the Center for Economic and Policy Research, said, "Remember BLEAT: Bessent Lies about Everything All the Time."
The Fox appearance on Tuesday came after Bessent earlier this month announced an overhaul to the structure of FSOC—which was established by Dodd-Frank—and wrote in the introduction letter to the council's annual report that it "would shift its focus from 'prophylactic' regulatory and supervisory policies to an approach aimed at removing red tape in areas like artificial intelligence, in a bid to spur economic growth," as Politico summarized at the time.
As Politico also reported:
Markets groups and members of Congress expressed their concern over the changes. In a letter to Bessent... Sen. Elizabeth Warren (D-Mass.) expressed concern that the FSOC has met fewer times this year than in any past year of its existence and that the council is "sabotaging its own authorities." Dennis Kelleher, CEO of Better Markets, an advocacy group focused on regulation, stated that "undermining the FSOC is undermining the economy and the financial system."
Sharing the Politico report on social media earlier this month, Kress said that "this is a dereliction of duty by the Financial Stability Oversight Council. But if there is a silver lining, it is that the Trump administration now unequivocally owns whatever crisis lies ahead."
Keep ReadingShow Less
See More
Most Popular
To inform. To inspire. To ignite change for the common good.
News & Opinion
Trending
Common Dreams, Inc. Founded 1997. Registered 501(c3) Non-Profit
Privacy Policy