A scathing critique of California Governor Gavin Newsom erupted at the World Economic Forum in Davos, Switzerland, delivered by Treasury Secretary Scott Bessent. Bessent didn’t hold back, questioning Newsom’s economic understanding and dismissing his potential presidential ambitions.
Bessent characterized Newsom with a striking comparison: “Patrick Bateman meets Sparkle Beach Ken.” He went on to suggest, with pointed irony, that Newsom might be uniquely uninformed about economics, even compared to Vice President Kamala Harris.
The criticism extended beyond Newsom’s perceived intellectual shortcomings, focusing on perceived hypocrisy. Bessent highlighted Newsom’s attendance at the exclusive gathering alongside Alex Soros, contrasting it with the governor’s past policies during pandemic lockdowns.
While Californians faced restrictions and arrests for attending church, Newsom reportedly indulged in lavish $1,000-a-night meals. Bessent implied this disconnect wouldn’t be forgotten by the state’s residents, framing it as a display of elitism.
Bessent directly threatened a shift in federal policy towards California, promising a crackdown on “waste, fraud, and abuse” under a future administration. He pointed to Newsom’s absence from the speaker lineup as evidence of the failures of his economic policies.
The Secretary detailed a grim picture of California under Newsom’s leadership: outward migration, a massive budget deficit, the nation’s largest homeless population, and the devastation of wildfires. He accused Newsom of prioritizing mingling with global elites over addressing the needs of his constituents.
Bessent’s condemnation culminated in a blunt assessment of Newsom’s character, labeling him “too smug, too self-absorbed, and too economically illiterate to know anything.” The remarks were delivered with palpable disdain.
Amidst the criticism of California, Bessent also downplayed concerns about European investors reducing their holdings in U.S. Treasury bonds. He dismissed Denmark’s actions as insignificant, stating their investment was “less than $100 million” and part of a long-term trend.
He attributed the anxieties surrounding European investment to a single analyst at Deutsche Bank and characterized the ensuing media coverage as “fake news.” Bessent insisted that the U.S. was actually experiencing “record foreign investment” in its Treasurys.
The conversation took an unexpected turn as Bessent advocated for the United States to acquire Greenland. He emphasized the need to secure U.S. national security interests and expressed dissatisfaction with the United Kingdom’s potential handover of a base on Diego Garcia to Mauritius.
Bessent stated that President Trump was resolute in preventing the outsourcing of U.S. security to other nations, signaling a firm stance on strategic assets and international partnerships. The message underscored a commitment to prioritizing American interests on the global stage.
