PANews reported on November 14 that according to Jinshi, Trump will appoint Musk (together with Ramaswamy) to lead the new Office of Government Efficiency. Musk announced during the campaign that he would cut US federal government spending by $2 trillion (nearly one-third). Ulrich Leuchtmann, head of foreign exchange and commodity research at Commerzbank, pointed out that this would have disastrous consequences for the US economy: "Musk does not believe in a cautious approach of gradual progress. I don't believe he can take a wise step. Some people will say that their suggestions will only be suggestions, and there are still the president and Congress in front when it comes to actual implementation. But if the suggestions will not be implemented, why set up such an institution? The president will appear indecisive, which is exactly what Trump does not want to see. The argument of using radical austerity plans to create a positive dollar is very smart. After all, this will greatly reduce the capital requirements of the US Treasury and thus reduce the capital requirements of the entire economy. US Treasury bonds will become scarce and expensive again. However, I think the dollar may prevail in the early stages due to the inevitable expansionary monetary policy response."
