Dear Reader,
Happy Wednesday! Thanksgiving is almost here…
Growing up I always had stragglers and whatnot come to my house on Thanksgiving.
And that hasn’t changed. Tomorrow I have a bunch of people – friends, my kids – everyone coming over.
I’m excited!
Today I want to talk about Scott Bessent, Trump’s choice for Treasury Secretary.
I think he’s a great choice – my preferred choice when word started to leak about the candidates for the job.
Here’s why…
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First of all, as we’ve talked about, the Treasury Secretary this day and age has to be someone very familiar with the bond market.
And Bessent is basically a bond trader.
He’s been talking about this “3-3-3 plan.”
He said we have to bring our budget deficit down to 3% of GDP by 2028 (right now it’s at 6%). So that’s the first 3.
The second part is to boost GDP by 3%. The plan is to do that through deregulation and other pro-growth policies.
Now, I’m not sure if a country this size can really get to 3% GDP growth in a sustainable fashion, but we’re going to find out.
Anybody who wants to take a shot at that, I think it’s a great idea.
And the final part of the 3-3-3 plan is to increase U.S. energy production to the equivalent of about 3 million barrels of oil a day.
Right now, we’re at about 2. So that’s a 50% increase.
And that’s very important as we go through this AI leap. AI already uses as much energy as a small country, like Germany…
And its energy usage is expected to double within the next 2 years – meaning AI’s energy demand will eclipse even a nation like Japan.
I’ve gone back and watched some of his interviews and the thing I like most about Bessent is that this is a man who knows what time it is.
He’s talking about the global realignment in power happening now with China, he’s talking about AI, and all these types of things.
And his belief is that the U.S. needs to go on a diet and really get in fighting shape because there’s going to be a great power conflict with China at some point.
And hopefully it doesn’t turn hot – meaning that we don’t end up shooting at each other.
But we are certainly in for a cold war.
What’s critical for that is our ability to use new technologies like AI. Which is why we want to push energy production up.
This AI energy story is what our special report on The Last Retirement Stock You’ll Ever Need is about.
In that report we have a special company that gets paid every time oil is used.
They’ve created kind of a “toll bridge” for oil.
And their stock will do very well under Bessent and Trump’s 3-3-3 plan.
It’s one of the few companies in the world that doesn’t rely on the price of oil going higher to make money on the use of oil, which is very unique.
You have to use this company to get access to the energy you need.
It’s exciting stuff.
That’s why this stock looks like it’s about to really take off after forming a long base. Here’s a link to that report.
The point here is I believe Bessent is the right choice for Treasury. The bond market’s a big fan, too. Everyone I talk to on Wall Street is very happy about it.
I think these are all worthy goals. This is a man who understands…
- We’ve got to get our fiscal house in order.
- We’ve got to increase energy production.
- We have to boost GDP growth.
And he says this is the way we’re going to get out of our debt trouble. To lower spending and increase growth.
I think back to my favorite Treasury Secretary of all time, Alexander Hamilton, and the importance of someone in that role.
It’s our finance minister, basically. The person responsible for our finances – our growth, spending, etc.
So I’m very excited about this.
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