Hedge Fund Boss Bessent Nominated as New US Treasury Secretary, What is His Background? What Kind of Bureaucrat is He?

When Did Bessent Become Trump's Strategist?

The Trump family was already considered wealthy before he entered politics, so Bessent had prior contact with them. However, standing on Trump's side only began this year. Two people facilitated the connection between him and Trump: one is Trump's major campaign donor John Paulson; the other is Trump's selected vice president Vance. Both of these individuals have a close relationship with Bessent and are also Trump's most trusted people. Bessent himself is also an active donor to the Republican Party, with donations reaching $15 million by last year. Publicly supporting himself and having previously donated a considerable amount, combined with strong recommendations from those around him, Bessent's entry into Trump's team and his role as an economic policy strategist became a natural progression.

What Role Does Bessent Play in Trump's Team?

In simple terms, Bessent's main tasks are: First, to study how to translate Trump's ideas into economic policies that the public can understand. He advocates for Trump to implement the “3-3-3” plan: reducing the budget deficit to 3% of GDP by 2028, achieving a 3% GDP growth, and increasing US oil production by 3 million barrels per day. It's straightforward and easy to remember.

Second, using his authoritative status on Wall Street, he has contributed significantly to promoting Trump's election and is one of the few on Wall Street who frequently defends Trump's economic policies (after all, many of those policies originated from his ideas). He promises that if Trump is elected, the US economy will thrive and portrays that if Harris is elected, it would lead to a “Kamala Collapse.”

Bessent's Style

Bessent's style shares a commonality with both Soros and Trump, which is “achieving one's own goals first, even if it means disrupting traditional order.” Soros' actions, such as instigating the Asian financial crisis and severely attacking the British pound, reflect this commonality. In addition, very few Wall Street figures can operate so openly and thoroughly (most operate behind the scenes, not stepping out themselves, which looks good on the surface but does not improve efficiency).

If he successfully passes the US Congress review and is elected as Treasury Secretary, it is estimated that to achieve the goal of maintaining US financial hegemony, he will execute many reasonable yet highly unreasonable operations.