Allout Economic Warfare - August 24, 2026

**Cenk Uygur** (0:12)
All right, welcome to The Young Turks, Cenk Uygur, Ana Kasparian with you guys. So we often have news that could turn out badly, okay? Let's keep it real. But today there's a special economic news that could destroy the entire global economy.
And Scott Bessent, our Treasury Secretary, basically admitted it. Great, looking forward to it. So we'll tell you about that in a minute. Hakeem Jeffries has betrayed us and is working with Jared Kushner. We'll explain why, which none of the rest of the press is explaining to you. They're pretending that it was about housing and affordability.
Come on, man. Jesus, it's embarrassing, right? Israel's found a new way to bribe our politicians, joy. We'll explain that to you guys.
And the Republicans are in an absolute panic over data centers. Their hand got caught in the data center jar. And so now tons of Republicans in Texas saying, we're gonna vote for the Democrats instead. And so that has sent the Republican Party reeling. So we'll get to that a little bit later as well.

**Ana Kasparian** (1:14)
Okay, listen, the most important story of the day though is something that you're not even alluding to, not even mentioning, you're looking good, are you working on them gains?

**Cenk Uygur** (1:22)
What's going on? Well, thank you, I appreciate it. You also look great. I love the lavender and everybody knows that's my favorite color. And I'm not afraid to say it. But- Very brave.
Well, I appreciate anybody noticing. All right, so let's get started with the first story.

**Scott Bessent** (1:41)
We are launching an economic onslaught against Iran's financial connections around the globe.

**SPEAKER_4** (1:48)
Well, I don't think there's any questions that the president's running out of options here.

**Scott Bessent** (1:52)
Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone.

**SPEAKER_4** (2:03)
We're probably in for a continuing prolonged war in Iran.

**Cenk Uygur** (2:09)
Not probably. The war is now officially indefinite. It is switched to economic chaos instead. All that is clear, guys. What might not be clear to you, as we're gonna explain to this story is, they have figured out how they're gonna do a new level of sanctions after having sanctioned Iran for 50 plus years.
And that new level is disastrous. And the person who confessed that it was potentially disastrous is our Treasury Secretary Scott Bessent. So we're gonna tell you what they're planning and why it might lead to economic collapse and much higher interest rates for you on your credit cards, your mortgages and everything else that affects you. So buckle up and brace for impact on this disaster and as a story.

**Ana Kasparian** (2:51)
Now the real question is whether or not the Trump administration is actually gonna go through with this. But if you're wondering what this is, let me give you the details. Because over the weekend, the Treasury Secretary wrote an op-ed for The Financial Times, announcing this new suite of sanctions against Iran. And more importantly, countries that continue conducting trade or any type of business with Iran. So Bessent wrote in the piece that, at dawn begins an economic D-day, the single greatest financial offensive ever marshaled against an adversary.
So sanctions, but honestly, what's different here? The regime's final refuge now lies in the self-deception of fearful nations that still believe accommodating aggression can secure a durable peace. Now, missing from that equation is China, which I don't think is motivated by fear. China is motivated by the need of energy, the need for oil. They actually use Iranian oil to make up 80 to 90% of their oil imports, so that's something to keep in mind. Now, as I give you more details, ask yourselves whether or not the United States, with its depleted arsenal of weaponry, is willing to engage in a potential war against China. So, hold on that.
So, in other words, Bessent is now threatening countries that do trade with Iran, and he does continue in his piece with the following. Let's take a look at the next graphic where he says that the alternative for those who tether themselves to Tehran is the foreclosure of any path to lasting prosperity. Any nation that serves as a financial artery of a withering regime should expect to share in its isolation. To become a sanctuary for terror is to become in the eyes of the United States a global pariah. Those who fear the danger of defying Tehran ought not to discount the cost of testing Washington. Now Bessent went on to share more details in a press conference this morning. Let's take a quick look.

**Scott Bessent** (4:57)