Scott Bessent: Fixing the Fed, Tariffs for National Security, Solving Affordability in 2026
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All-In Podcast

Scott Bessent: Fixing the Fed, Tariffs for National Security, Solving Affordability in 2026

All-In Podcast•Dec 22, 2025

AI Summary

Treasury Secretary Scott Bessent outlines how tariffs can be wielded as a national‑security tool, despite legal hurdles, and argues that targeted tariffs could protect critical supply chains. He critiques the Federal Reserve’s past policies that fueled a 15‑year asset bubble, proposing reforms to curb excess liquidity and suggesting criteria for future Fed leadership. Bessent also examines inflation trends and interest‑rate impacts on consumer affordability through 2026, advocating for Main‑Street equity investments and modest tax cuts to spur domestic growth while navigating the legacy of recent tax reforms.

Episode Description

(0:00) Treasury Secretary Scott Bessent joins the show

(0:55) Recapping 2025 and the state of the economy

(3:13) Tariffs: Leverage, legal challenges, implementation

(15:20) Affordability: inflation, BLS data, interest rates

(23:00) The Fed: biggest mistakes, how we got a 15 year asset bubble, rate cycle, appetite for US debt, Fed Chair candidates

(42:44) Focus on Main Street, taking equity stakes in American companies

(50:40) Tax cuts, Trump accounts, economic legacy

Follow Secretary Bessent:

https://x.com/SecScottBessent

Referenced in the show:

https://www.international-economy.com/TIE_Sp25_Bessent.pdf

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https://x.com/chamath

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https://x.com/DavidSacks

https://x.com/friedberg

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Intro Music Credit:

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Intro Video Credit:

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Show Notes

All‑In with Chamath, Jason, Sacks & Friedberg

Scott Bessent: Fixing the Fed, Tariffs for National Security, Solving Affordability in 2026

Publication date: December 22 2025

Episode Overview

  • 0:00 – Treasury Secretary Scott Bessent joins the show

  • 0:55 – Recapping 2025 and the state of the economy

  • 3:13 – Tariffs: leverage, legal challenges, implementation

  • 15:20 – Affordability: inflation, BLS data, interest rates

  • 23:00 – The Fed: biggest mistakes, how we got a 15‑year asset bubble, rate cycle, appetite for U.S. debt, Fed‑chair candidates

  • 42:44 – Focus on Main Street, taking equity stakes in American companies

  • 50:40 – Tax cuts, Trump accounts, economic legacy

Key Topics Discussed

  • Tariffs for National Security – How tariffs can be used as strategic tools, the legal hurdles involved, and practical steps for implementation.

  • Affordability in 2026 – Examination of inflation trends, recent Bureau of Labor Statistics data, and the impact of interest‑rate movements on consumer affordability.

  • Fixing the Federal Reserve – Analysis of the Fed’s past missteps, the formation of a prolonged asset‑price bubble, and considerations for future monetary policy and leadership.

  • Main‑Street Investment – Strategies for taking equity stakes in U.S. companies to support domestic growth.

  • Tax Policy & Economic Legacy – Discussion of recent tax‑cut measures, their connection to former President Trump’s policies, and the broader economic legacy.

References

  • Bessent’s presentation: International Economy (Spring 2025) – https://www.international-economy.com/TIE_Sp25_Bessent.pdf

Follow the Guests

  • Treasury Secretary Scott Bessent: https://x.com/SecScottBessent

  • Chamath Palihapitiya: https://x.com/chamath

  • Jason Calacanis: https://x.com/Jason

  • David Sacks: https://x.com/DavidSacks

  • David Friedberg: https://x.com/friedberg

The podcast is hosted by industry veterans Chamath Palihapitiya, Jason Calacanis, David Sacks, and David Friedberg, who discuss economics, technology, politics, society, and poker.

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