In brief
In an interview with the BBC, US Treasury Secretary Scott Bessent asserted that a small amount of economic discomfort is acceptable when weighed against the long-term security benefits of eliminating Iran's nuclear threat. As the International Monetary Fund (IMF) warns of potential recession if the conflict escalates, Bessent maintained that the risk to global stability transcends economic concerns. He highlighted the need for preemptive measures to avert threats posed by Iranian military capabilities, reinforcing that security is paramount over short-term economic forecasts.
US Treasury Secretary Scott Bessent has told the BBC that a small bit of economic pain is worthwhile for long-term international security.
As the International Monetary Fund (IMF) warned that the US-Israel war with Iran could plunge the global economy into recession, Bessent said that the conflict was necessary to eliminate the threat of Iranian nuclear strikes on Western capitals.
I wonder what the hit to global GDP would be if a nuclear weapon hit London... I am saying that I am less concerned about short-term forecasts, for long-term security, he stated.
At the start of the war, Iranian uranium was enriched to 60%, according to senior US officials; however, it does not yet possess nuclear weapons.
The UK government has confirmed there is no assessment indicating that Iran is targeting Europe with missiles.
Bessent emphasized that he was less worried about economic repercussions than about the potential risk Iran poses to global security.
The biggest risk you can take is one you don't know you were taking. Now we know for a fact that, as the Iranians shot at Diego Garcia, they do have mid-range intercontinental ballistic missiles that could reach London, and we know that they want a nuclear programme, he explained.
He further noted that US and Israeli military actions had mitigated the tail risk of Iranian nuclear strikes against Western nations.
In its recent World Economic Outlook report, the IMF expressed concern that energy prices and food inflation could significantly affect global growth, with projections indicating a near recession in the coming year if conditions persist.
Despite the turmoil, Bessent maintains that short-term economic difficulties are a necessary trade-off for ensuring safety against a potentially greater threat.
