Let's talk about Bessent, the soybean farmer....

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Belle of the Ranch 3 min 1 speaker 5 chapters transcribed 1 month ago

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Who is Treasury Secretary Scott Bessant and why is he talking about soybean farmers?

Belle of the Ranch 0:01

Well, howdy there internet people, it's Belle again. So today we're going to talk about Bessent, the soybean farmer. On a list of things I never thought I'd say on this channel, today's key quote is pretty high up on the list. Treasury Secretary Scott Bessant was talking to Martha Raditz, and she pointed out that under Trump's policies, quote American farmers have really suffered. To which Bessent replied,

0:33

And

Belle of the Ranch 0:33

I'm not joking. Quote.

What did Bessent claim about addressing farmers' concerns and why does he say he’s a soybean farmer himself?

Belle of the Ranch 0:36

Martha, in case you don't know it, I'm actually a soybean farmer, so I have felt this pain too. He then went on to say quote I think think we have addressed the farmer's concerns. Okay. So, as crazy as it sounds, there's a truly bizarre basis for the former hedge fund executives claims. His government disclosure form seems to indicate he might believe he's a farmer because he's a landlord to farmers. The man who Forbes estimates has a net worth of six hundred million dollars, owns somewhere between five million and twenty five million worth of farmland in North Dakota that grows soybean and corn.

How large is Bessent’s farmland portfolio and what does it mean for his credibility as a farmer?

Belle of the Ranch 1:23

The land reportedly generates up to a million per year in rental income for him. I'm actually a soybean farmer, so I have felt this pain too. What? The pain of paper cuts from the leases? I recently lent my truck to a man who used it to haul welding equipment down for a job. I guess I need to buy some pearl snaps, because I too am now a welder. The Secretary went on to promise that help for soybean farmers, like himself, could be coming soon.

What trade framework between the US and China could boost soybean prices for farmers?

Belle of the Ranch 1:59

The signal was that Washington and Beijing had reached a concept of a framework for a trade deal that would delay China's rare earth curves. The US would not place more tariffs, and China would buy some soybeans over the next few years. This is not the first major breakthrough, super important framework the administration has claimed the US and China have achieved. If this actually moves forward, it is good news for soybean farmers, like the Treasury Secretary. Because the potential bailout from the Trump administration was nowhere near enough. It would most likely lead to more bankruptcies and more farms being sold to investors. Perhaps even hedge funds, or maybe hedge fund managers.

Why might new trade deals still lead to bankruptcies and farm sales to investors?

Belle of the Ranch 2:49

Like. We have now reached the point with politicians pretending to be working class that you have people who are rich enough to have a Forbes estimation of their net worth, saying they're farmers. People laugh. But understand when that senator rolls up in his pavement princess dually that has only ever pulled his sailboat to talk to you at a town hall. That's the same thing. The Treasury Secretary was not wearing a backwards red hat and carrying a skateboard when he performed his impromptu Steve Bushimi impression. How do you do, fellow soybean farmers? Anyway, it's just a thought. Y'all have a good day.

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