Trump’s Economic Enforcer Confirmed the Reset—Then Denied the Most Obvious Part. What’s Going On?

Scott Bessent’s 'All-In' Interview, 'Mobilizing Assets,' and the Gold That’s 'Not' Being Revalued

Recently, Treasury Secretary Scott Bessent went on the All-In podcast—one of the most influential platforms in tech and finance—and said something that should have sent shockwaves through the financial world, if people had been paying closer attention.

Bessent, of course, isn’t just some bureaucrat. He’s a self-made billionaire and Trump’s top economic operator. In many ways, he’s the execution arm of Trump’s Reset framework we’ve been tracking for months now.

So I guess it was fitting that the All-In guys went straight to the source—Bessent. They didn’t just Zoom him in. They sat down with him in person, inside the White House. It speaks to how seriously Silicon Valley now takes what's coming.

So, what did Bessent actually say that was so important?

He laid out what he called a three-part plan:

1. First, deleverage the government—cut spending, trim the fat, and lay off excess public workers. Then, relever the private sector by ripping off the “regulatory corset” and letting capital flow again.

2. Second, rebuild America’s industrial base. That means reordering the global trading system, using tariffs, and bringing jobs back home—especially manufacturing ones.

3. And third, set the stage for investment: keep taxes low and predictable, slash red tape, and make sure energy stays cheap.

Here’s a clip from the podcast that captures all of these elements—in Bessent’s own words.

Transcript:

The plan—because that’s really what I’d like to talk about today—I think there are three plans here.

Plan one: We’re going to deleverage the government via spending cuts. We’re also going to shed excess labor from the government. And on the other side, we’re going to deregulate the financial system.

The regulated financial system has really been what I call a regulatory corset. Once we loosen that, the private sector can relever.

So: government deleveraging, private sector releveraging. And the employment—those folks who lose their government jobs—will be picked up.

The other side of getting prices down is getting real wages up—getting real wages for working people up. It goes back to Main Street versus Wall Street.

Plan two is to reorder the international trading system and bring manufacturing jobs back to the U.S.—to reinvigorate the middle class.

There are tariffs.

Then I think there are three other things we can do, which are the centerpiece of the administration:

• Low and predictable taxes

• Substantially slash regulations—because regulations are the equivalent of a tax. Reducing them will drive private investment.

• And finally: cheap energy.

This is confirmation of what we’ve been calling for months now: Trump’s monetary reset is underway.

And when you put Scott Bessent’s plan next to Stephen Miran’s recent Hudson Institute speech, the picture gets even clearer.

As you may recall from a recent piece of mine, Miran—Trump’s top economic adviser—laid out a radical strategy to flip the U.S. dollar’s reserve status from a burden into a bargaining chip. To turn America’s towering debt from an embarrassment into leverage. And to reorient the entire global economic structure in Washington’s favor—while they still can.

The point is, this was never just about tariffs or headline-grabbing tax cuts. No, Trump’s team is pushing ahead with a strategy to restructure America’s role in the global economy, address the reserve currency burden, and finally put the nation’s assets to work.

The Gold Disconnect

Now, if you watched the whole All-In interview (you can find it here), something else Bessent said probably caught your ear:

All the gold bugs said, “He’s going to revalue the gold.” I can say today: we’re not revaluing the gold. But what we are going to do is—Doug Burgum at Interior, and every other department head—is looking for the assets that we can mobilize.”

That second part—about “mobilizing assets”—fits neatly within the administration’s broader strategy to “monetize the asset side of the U.S. balance sheet for the American people.”

But not revaluing gold?

Here’s a bit of context to show why that statement is, well… absurd.

As you probably know, the U.S. government still values its gold at just $42.22 per ounce. That price was set under the Par Value Modification Act in 1973—a relic of the Bretton Woods era—and has remained frozen for accounting purposes ever since.

Meanwhile, the U.S. (supposedly) holds about 261.5 million ounces of gold. That gold is officially worth just $11 billion on paper. But at today’s market prices, it would be worth closer to $863 billion.

That’s a textbook example of America undervaluing its assets if I ever saw one. Not a problem in regular times, but a serious oversight in an era of nearly $37 trillion in debt, out-of-control deficits, and accelerating de-dollarization.

Simply marking these reserves to market prices would strengthen the nation’s balance sheet and give the government more leverage in devaluing the dollar—a key piece in Trump’s broader economic reset.

And that’s only part of the picture.

Pegging the dollar to gold at a much higher price post-devaluation would also drastically reduce the real burden of U.S. debt. Why?

Think about it—if gold were revalued from $3,300 to $10,000 per ounce, the U.S. government’s gold reserves would suddenly be worth more than three times their current value. That surplus wouldn’t eliminate the debt, but it could support gold-backed bonds, stabilize a post-reset dollar, or help fund Trump’s broader re-industrialization agenda.

Now, Bessent is no dummy.

He knows the fastest way to “monetize the asset side of the U.S. balance sheet” is to do exactly that… revalue gold.

So what gives?

I’ll be honest—Bessent’s “we’re not revaluing gold” line deserves serious skepticism. I’m just not buying it.

Because if the U.S. were planning to revalue gold, the last thing it would do is telegraph that move in advance. That would spark a speculative frenzy, push prices even higher, and make it nearly impossible to quietly accumulate or repatriate physical gold—if needed—from vaults abroad.

Secrecy is absolutely the point. As history shows—from Nixon in '71 to the Plaza Accord in '85—monetary shifts are always denied… until they’re done.

As a general rule, I don’t believe what governments say—Republican or Democrat. I believe what they do. That mindset has served me well.

But for anyone still inclined to take Scott Bessent at his word, I’d like to remind you of his recent claims in regard to America’s gold reserves: “We audit our gold every year” and “the gold is there.” As I showed in one of my pieces last month, those were obvious falsehoods—no full physical audit of the Fort Knox gold has taken place since 1953.

But let’s say Bessent is telling the truth this time, and Trump’s administration really has no intention of revaluing America’s gold.

Well, as far as I’m concerned, not revaluing it—and not auditing it—only strengthens the case that something’s off. That would be a massive red flag—one that lends serious weight to the arguments of those who’ve questioned whether there’s any gold left in Fort Knox at all.

Regards,

Lau Vegys

P.S. Succeed or fail, Trump’s plan will impact all of us. We're delighted Team Trump sees the problem… has a plan to avoid the worst, and catapult the U.S. to new prosperity. But what they need to do will not come without pain. A LOT of pain. And looking at the rhetoric from Bessent and Miran, one thing is clear: change is coming—fast. Those who prepare will have a shot at protecting (and growing) their wealth. Everyone else will be left scrambling.