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Scott Bessent: “The currency was at 800,000 to the dollar 16 months ago. Now…”

Featuring: Scott Bessent, Republican | Secretary of the Treasury | National

Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina

Published September 2, 2026 | Video Starts at 21:30

Well, I think we're in the acceleration phase. You know, you can see the currency, the currencies that 16 months ago The currency was at 800,000 to the dollar 16 months ago. Now it's 2.1 million. And you know, that just means that they have no access to dollars and they are in the death throes. And will they lash out more kinetically? (21:30–21:40)

CLAIM

Asserts a significant devaluation of the currency over 16 months.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Scott Bessent

“For the first time in G20 history, business leaders joined ministers and central bank governors to discuss the practical barriers they…”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 02:32-02:43
“China gets 50% of its energy from the Gulf.”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 12:14-12:18
“I think we got out about 17 million barrels accrued yesterday.”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 19:11-19:18
“We've gone from 50% of global compute. By 2028, we will be at 80% of global compute.”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 32:09-32:17
“Stronger economic growth is not only possible, but necessary.”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 00:36-00:42
“The days of settling for subpar growth are over.”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 01:10-01:15
“President Trump's push for American energy dominance has never looked better.”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 02:14-02:20
“We've called for stronger analysis to better identify the policies that contributed [to] these imbalances and distort fair competition and…”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 03:13-03:25
“We set the stage for important further work to make sovereign debt restructuring in emerging markets faster, more transparent and more…”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 03:35-03:46
“All save one of the G20 members could not were not able to achieve a complete consensus.”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 04:17-04:27
“Non market based economies pushing out a never ending stream of cheap exports is not sustainable.”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 06:58-07:07
“The country with the world's largest and unsustainable current account surplus, People's Republic of China, was the dissenter.”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 08:14-08:24
“Bringing this event to Asheville, including actual dollars spent here and then earn media it's estimated that it will cost more than 20 or…”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 09:20-09:38
“We had 19 out of 20 countries agree so that there has been no impact.”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 10:43-10:49
“China agrees Iran cannot have a nuclear weapon.”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 12:05-12:09
“China agrees that there has to be free maritime trade in the Strait of Hormuz.”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 12:08-12:15
“We agreed that the strait [of Hormuz] must be open.”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 18:21-18:24
“Iran does not have control of the strait [of Hormuz] and they are in a death spiral.”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 18:45-18:52
“We have controlled the strait [of Hormuz].”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 18:51-18:54
“The country with the most, third most energy resources in the world now has four hour gas lines.”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 20:05-20:13
“President Trump has said for the past few weeks the reason the MOU failed was they were not ready for a deal.”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 20:32-20:39
“The full expensing of equipment, factories, and ag structures is very powerful.”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 22:52-23:06
“Interest rates will come down when we get on the other side of this [Iran conflict].”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 23:21-23:29
“AI will be on the agenda when President Trump and Xi Jinping meet in Washington in September.”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 24:57-25:31
“The US is leading [in AI], they're always very interested in what we were doing.”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 25:35-25:40
“We talked to the Japanese and I said they had a tremendous success in Abenomics.”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 27:03-27:11
“Abenomics, which was designed to bring Japan out of disinflation, is a revolutionary program, has worked.”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 28:15-28:23
“2011, Japan was written off as dead and now I think it's one of the most vibrant economies in the world.”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 28:56-29:03
“If inflation is 2%, they've succeeded in reflating and now they have to think about the consequences of their success.”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 29:06-29:14
“AI is increasing jobs.”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 31:07-31:11
“We are seeing AI result in a massive increase in small business startups.”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 31:13-31:21
“The US will be an AI superpower and all the benefits will accrue to the American people.”
Scott Bessent Takes Reporters' Questions At G20 Finance Meeting In Asheville, North Carolina | Uploaded September 2, 2026 | 32:16-32:23