For the Trump team, billionaire Scott Bessent had two flaws: he was a former collaborator of George Soros, a billionaire reviled by Republicans for his defense of progressive causes; declared a bit quickly in an interview with Financial times that the customs duties that Donald Trump dreams of imposing were above all a negotiating position. “At the end of the day, [Trump] He is a supporter of free trade. “He wants to increase the pressure to negotiate”declared Bessent on October 13.
And yet, after much intrigue and countercandidates presented under the panels of the neo-Arab palace of Mar-a-Lago, in Palm Beach, Florida, the president-elect stood firm in his initial choice and announced, on Friday, November 21, your decision. At 62, Bessent, the billionaire founder of hedge fund Key Square Capital Management, will succeed economist and central banker Janet Yellen as head of the US Treasury.
“On the eve of the 250my anniversary of our great country, [Scott Bessent] “It will help us launch a new golden era for the United States, solidifying our role as the world’s leading economy, a center of innovation and business creation, a destination for capital, while ensuring that the dollar remains, without a doubt, the reserve currency of the world. , writes Donald Trump in a press release.
The financier grew up in South Carolina and graduated from the prestigious Yale University (Connecticut). It is part of the Huguenot church of Charleston, founded by French Protestant emigrants after the revocation of the Edict of Nantes in 1685. Its fame is due to having expelled the pound sterling from the European monetary system and having led the Bank of England to kneel alongside to George Soros in 1992. He also speculated in the yen and Italian debt.
According to the Wall Street JournalBessent advised Donald Trump to follow a “3-3-3” policy: reduce the budget deficit to 3% of gross domestic product (GDP) by 2028, stimulate growth to 3% thanks to deregulation and produce three million barrels additional. of oil per day.
Solve the squaring of the circle.
In fact, the future director of the Treasury will have the task of managing the US budget and limiting an abysmal deficit that reached 1.83 billion dollars (1.75 billion euros) for the fiscal year ending September 30, 2024, that is, 6.3% of GDP. despite strong growth and full employment. This deficit doubles the level of 2019, the last year “normal” of Donald Trump’s first term.
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