Scott Bessent may be a new name to many Republicans, but he's also pushing back against a far-left political agenda from inside George Soros' hedge fund, which some conservatives would consider the belly of the beast. We have a track record of doing so.
Bessent is currently one of President Donald Trump's top candidates for Treasury secretary. He has been praised by some of the leading economic thinkers associated with American conservatism and the Trump movement. Larry Kudlow, who served as Trump's chief economic adviser during his first term, said Bessent was his “first choice for the Treasury Department,” adding that he was a “huge fan.”
In some ways, Mr. Bessent would seem an unlikely champion of President Trump's economic vision. Mr. Bessent spent the early part of his career working for Soros, and his advocacy and support for left-wing politics through his infamous Open Society Foundations made him a focal point for many American conservatives. However, Mr. Bessent has never been associated with Soros's political activities, and even campaigned from within the fund against attempts to adopt a policy of divestment from Israel.
This dates back to 2014. After the Israeli military launched Operation Protective Edge in the Gaza Strip in response to rising tensions and rocket attacks, the far left intensified its pressure campaign to force companies to leave Israel. The Open Society Foundations group wants Soros's hedge fund, the Quantum Fund, to adopt divestment investment principles from Israel as soon as possible, and would like the fund to refrain from investing in companies operating in Israel. asked to retreat. The hope was that if Soros embraced his anti-Israel stance, other investors would follow suit.
Bessent went to Soros and disputed this. He even threatened to resign and take many of his employees with him if the foundation took this stance. In the end, the fund did not introduce any restrictions on Israel-related investments.
Fighting globalist currency manipulation
Bessent grew up in a small town in South Carolina. His mother, a businesswoman, was married five times, including two to Bessent's father, whose real estate business ultimately led to bankruptcy. As Bessent said in a public lecture, the economic turmoil caused his family to worry, and he ended up taking his first summer job at just nine years old.
After attending Yale University and interning with Jim Rogers, an outspoken liberal investor who was Soros' original partner in the Quantum Fund, Bessent began working for Soros. He led the firm's London office for eight years. From there, he, along with Soros' former chief investment officer Stanley Druckenmiller, played a pivotal role in executing the firm's landmark bet on the British pound, a trade that ultimately yielded a $1 billion profit. fulfilled its role.
This trade experience was essentially a gamble that pre-euro European governments' official currency manipulation plans were unstable, but as the incoming Trump administration confronts trade and currency strategies for economies around the world, and China in particular. and may prove to be very useful. It hurt American workers and robbed America of industrial power.
“He defeated the globalist machine and worked inside the enemy camp. Imagine having that kind of experience on our side,” a Trump ally said. The person spoke on condition of anonymity because the selection has not been announced.
One of the keys to Mr. Bessent's success at the Soros fund was that he wasn't intimidated by the left-wing investing icon, according to people who worked there.
“Scott is definitely not afraid of George,” said Buzz Verlock, founder of San Francisco-based hedge fund Origin Capital and a former Soros executive. said to wall street journal In 2013.
The magazine said Bessent disagreed with many of the activities of the Open Society Foundations, a nonprofit founded by Soros. wall street journal.
Although Mr. Bessent is now much more well-known in the public eye, he is not a newcomer to Mr. Trump's circle. In 2016, Mr. Bessent believed that investors and pundits were underestimating Mr. Trump's chances of victory. He was betting that the market would rise strongly after Trump's victory, calling himself a contrarian at a time when many analysts believed Trump's surprise victory would spell disaster for stocks. , benefited from its foresight. He donated $1 million to President Trump's inaugural committee in 2016.
In recent months, Mr. Bessent has worked hard to promote Mr. Trump's policies on TV, in newspapers, on the radio and in online interviews, while at the same time translating Mr. Trump's economic ideas into concrete policies. He has also written several pro-Trump op-eds, most recently arguing that the stock market rally after Trump's victory shows investors expect strong economic growth from Trump's policies. did.
Earlier this year, Mr. Bessent said in an 18-page memo to investors that his firm, Key Square Capital Management, was betting on a “Trump rally,” raising the possibility that Mr. Trump would win the presidency. This was explained as the market's active reaction to the rise in demand. In February, he appeared on Breitbart Business Digest with Matt Boyle to discuss trade with President Trump.
“I think we have great opportunity when we push back against this narrative,” Bessent said. “And the narrative now is that a second term for President Trump is going to mean chaos and revenge. I pushed back on that…I think he wants rejuvenation and redemption.”
Mr. Bessent has also been an unwavering supporter of President Trump's trade policies, including imposing tariffs on trading partners that he insists continue unfair and predatory trade practices. He has sought to promote the idea that tariffs can be strategically used and adjusted to maximize the benefits of the U.S. economy while minimizing disruption to financial markets and U.S. consumers. has done more than almost anyone else.
Bessent has also received support from conservatives, including Ralph Reed on Tuesday.
