{"id":64089,"date":"2025-03-14T12:24:18","date_gmt":"2025-03-14T16:24:18","guid":{"rendered":"https:\/\/www.technologyinvestor.com\/?p=64089"},"modified":"2025-03-14T18:53:17","modified_gmt":"2025-03-14T22:53:17","slug":"treasury-secretary-bessent-not-concerned-about-a-little-bit-of-volatility-meanwhile-my-brilliant-new-skill-be-envious","status":"publish","type":"post","link":"https:\/\/www.technologyinvestor.com\/?p=64089","title":{"rendered":"Treasury Secretary Bessent: \u2018Not concerned about a little bit of volatility\u2019. Meanwhile, my Brilliant New Skill. Be envious."},"content":{"rendered":"<p style=\"text-align: left;\">Every day I write that the stock market is going to hell in a handbasket, Mr. Market says:<\/p>\n<p style=\"padding-left: 40px; text-align: left;\">&#8220;<em>I&#8217;ll show you. And my stocks go through the roof.&#8221;<\/em><\/p>\n<p style=\"text-align: left;\">Like today!<\/p>\n<p style=\"text-align: left;\">It&#8217;s clear that I cannot predict the future. None of us can.<\/p>\n<p>Nor is there always a correlation between bad news and the direction of the stock market.<\/p>\n<p style=\"text-align: left;\">So, for now, I will highlight some of\u00a0 Trump&#8217;s policies &#8212; what they&#8217;re causing to business confidence and, hence, our stocks (longer term than today):<\/p>\n<p style=\"text-align: left;\">Some quotes I&#8217;ve found from my reading:<\/p>\n<p style=\"padding-left: 40px; text-align: left;\">+ A\u00a0poll of 220 CEOs by Chief Executive magazine, fielded March 4-5, found that the\u00a0<a href=\"https:\/\/chiefexecutive.net\/ceo-optimism-plummets-in-march-amid-tariff-uncertainty\/\">outlook for business conditions<\/a>\u00a0in 12 months fell to the lowest level since November 2012.<\/p>\n<p style=\"padding-left: 40px; text-align: left;\">+ Trump officials have implied that, at least for the metal tariffs, deal making is not on the table. Asked what it would take to remove steel and aluminum tariffs, Howard Lutnick, the commerce secretary, said Wednesday that Mr. Trump views metals as \u201cfundamental for our national security.\u201d<\/p>\n<p style=\"padding-left: 40px; text-align: left;\">\u201cThe president wants steel and aluminum in America, said Lutnick, &#8220;And let me be clear, nothing\u2019s going to stop that until we\u2019ve got a big, strong domestic steel and aluminum capability.\u201d<\/p>\n<p style=\"padding-left: 40px; text-align: left;\">+ From the Wall Street Journal: &#8220;We said from the beginning that this North American trade war is the dumbest in history, and we were being kind.&#8221;<\/p>\n<p style=\"text-align: left;\">Now, would some wise person explain to me (Harry Newton) how this aluminum plant inB\u00e9cancour, Quebec could be built economically in the U.S. The plant uses cheap hydroelectric power. According to Perplexity, This aluminum plant utilizes Quebec&#8217;s abundant and cost-effective hydroelectricity, which is a key competitive advantage for the facility.<a href=\"https:\/\/energynow.ca\/2022\/11\/ev-battery-heavyweights-revive-becancour-quebecs-dream-of-battery-hub-glory\/\">3<\/a>. The use of hydroelectric power allows the B\u00e9cancour smelter to produce aluminum with a low carbon footprint, making it one of the most environmentally friendly aluminum production facilities in North America.<\/p>\n<p style=\"padding-left: 40px; text-align: left;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-64110\" src=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2025\/03\/Canadian-plant.jpg\" alt=\"\" width=\"800\" height=\"533\" srcset=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2025\/03\/Canadian-plant.jpg 800w, https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2025\/03\/Canadian-plant-768x512.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<p style=\"text-align: left;\">According to Perplexity,<\/p>\n<p style=\"padding-left: 40px; text-align: left;\">The production of aluminum is an energy-intensive process, with electricity consumption being a significant factor. Based on recent data, it takes approximately 13,000 to 17,000 kilowatt-hours (kWh) of electricity to produce one metric ton of aluminum<\/p>\n<p style=\"text-align: left;\">+ Europeans are up in arms. Here&#8217;s Senator Claude Malhuret&#8217;s brilliant speech to the French Parliament<\/p>\n<p><iframe loading=\"lazy\" title=\"Senator Claude Malhuret&#039;s speech to the French Parliment\" width=\"690\" height=\"518\" src=\"https:\/\/www.youtube.com\/embed\/XAk7yYim-FU?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p style=\"text-align: left;\">I love this headline:<\/p>\n<p style=\"text-align: left; padding-left: 40px;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-64107\" src=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2025\/03\/how-do-you-like-this.jpg\" alt=\"\" width=\"506\" height=\"79\" \/><\/p>\n<p style=\"text-align: left;\">And this is from the New Yorker:<\/p>\n<p style=\"padding-left: 80px; text-align: left;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-64096\" src=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2025\/03\/Glasser-New-Yorker.jpg\" alt=\"\" width=\"715\" height=\"300\" \/>I<\/p>\n<p style=\"padding-left: 40px; text-align: left;\">If there\u2019s one truth Donald Trump seems to have absorbed in his seventy-eight years, it is that there are advantages to lying all the time\u2014foremost among them that no one knows when you\u2019re bluffing and when you actually mean what you say. Imposing crippling tariffs on allies? Selling out Ukraine? Using the government to enact retribution on political enemies?<\/p>\n<p style=\"padding-left: 40px; text-align: left;\">The President \u00a0may have threatened all these things, may have said\u2014over and over again\u2014that he is, in fact, intent on carrying them out. But even now, after he has opened his second term with a spate of remarkably destabilizing actions to accompany his inflammatory rhetoric, there persists a degree of uncertainty, in part because no one can ever really offer a definitive answer to the question: How far, after all, is he prepared to go?<\/p>\n<p class=\"paywall\" style=\"padding-left: 80px; text-align: left;\">Already, Trump\u2019s endemic lack of clarity has produced a significant amount of real-world backlash. During the past month, amid the near-daily barrage of contradictory information about the President\u2019s trade war, the S. &amp; P. 500 index has fallen more than ten per cent from its February record high, putting it in official market-correction territory. A new Reuters\/Ipsos survey, published this week, found that <strong>fifty-seven per cent<\/strong> of Americans believed Trump\u2019s economic policies are too \u201cerratic.\u201d The federal government itself has descended into a Trump-induced state of confusion that has no precedent. On Thursday, a federal judge ordered the government to rehire thousands, if not tens of thousands, of workers across six federal agencies who have been caught up in\u00a0<a href=\"https:\/\/www.newyorker.com\/culture\/infinite-scroll\/techno-fascism-comes-to-america-elon-musk\">the purges<\/a>\u00a0ordered by Elon Musk and his so-called Department of Government Efficiency. The fact that it was not immediately clear how many fired employees would be affected underscored the point.<\/p>\n<div class=\"Container-bkChBi byNLHx\" data-event-boundary=\"click\" data-event-click=\"{&quot;pattern&quot;:&quot;CNEInterludeEmbed&quot;}\" data-in-view=\"{&quot;pattern&quot;:&quot;CNEInterludeEmbed&quot;}\" data-include-experiments=\"true\">\n<figure class=\"VideoFigure-eayQIa jZXcM\" data-testid=\"cne-interlude-container\">\n<div data-testid=\"cnevideoembed\">\n<figure class=\"CneVideoEmbedFigure-kCfJjN hTwkKA cne-video-embed\">\n<div id=\"video-container\" style=\"text-align: left;\" data-testid=\"script-container\">\n<div id=\"13901a6b-baba-ed6c-d945-103cfd467f7e\" class=\"cne-player-container\" style=\"padding-left: 40px;\">In foreign affairs, meanwhile, the confusion that Trump has created in a few short weeks boggles the geopolitical mind. Consider this exchange on Thursday after Trump\u2019s Secretary of State, Marco Rubio, arrived for a summit of world leaders in Canada, awkwardly timed amid Trump\u2019s trade war with Ottawa and threats to annex America\u2019s northern neighbor. Rubio posted on X what might have been, in another Administration, considered diplomatic boilerplate: \u201cI\u2019m in Quebec for my first G7 meeting as Secretary of State. Under @POTUS\u2019s leadership, we are going to use forums like the G7 to counter our adversaries and stand by our allies.\u201d<\/div>\n<div><\/div>\n<div class=\"cne-player-container\" style=\"padding-left: 40px;\">The <em>Times\u2019<\/em>\u00a0diplomatic correspondent, Edward Wong, quickly responded with one of those questions, the mere asking of which suggests a state of extreme discombobulation. \u201cWho are the allies and who are the adversaries?\u201d he asked.<\/div>\n<p style=\"padding-left: 40px;\">No response was forthcoming, though I guess it was an answer of sorts to hear Trump repeat his demand, less than an hour later, that Canada become America\u2019s fifty-first state. (Generously, he said that the Canadians could keep their national anthem.) As for the G-7, Trump has said repeatedly that, in his first few weeks back in office, the group should readmit Russia\u2014the adversary whose invasion of Ukraine the other members of the group and the United States, until recently, have been spending hundreds of billions of dollars to counter.<\/p>\n<p style=\"padding-left: 40px;\">No wonder I haven\u2019t been able to stop thinking about a remark I heard from a former senior Pentagon official this week, apropos of Trump\u2019s pivot toward Vladimir Putin. Quoting the late whistle-blower <a href=\"https:\/\/www.newyorker.com\/news\/postscript\/daniel-ellsbergs-life-beyond-the-pentagon-papers\">Daniel Ellsberg<\/a>\u00a0about the Vietnam War, he observed \u201c<strong>It wasn\u2019t that we were on the wrong side. We\u00a0<em>were<\/em>\u00a0the wrong side.\u201d<\/strong><\/p>\n<\/div>\n<p class=\"has-dropcap has-dropcap__lead-standard-heading paywall\" style=\"padding-left: 40px; text-align: left;\">A few weeks ago, I attended a lunch at a Washington think tank, where supporters of Ukraine wondered whether Trump would actually abandon the country for Russia. The session took place a few days after Trump publicly blamed Russia\u2019s invasion of Ukraine on Ukraine itself\u2014and a few days before Trump\u2019s now-infamous <a href=\"https:\/\/www.newyorker.com\/newsletter\/the-daily\/trump-and-zelenskys-stunning-fight\">Oval Office confrontation<\/a>\u00a0with Ukraine\u2019s President, Volodymyr Zelensky, which resulted in Zelensky getting kicked out of the White House and an abrupt, albeit temporary, cutoff of U.S. military and intelligence assistance to his country.<\/p>\n<p class=\"paywall\" style=\"padding-left: 40px; text-align: left;\">Even so, it was clear to me that many participants were shocked and dismayed that, in the face of so much evidence to the contrary, Trump appeared to be proceeding with what he had long threatened to do. My host noticed this, too\u2014afterward, he quoted a favorite line of his, from the poet William Carlos Williams, about \u201cthe rare occurrence of the expected.\u201d How perfect. More elegant than \u201che told you so,\u201d the line might as well be an epigraph for these Trumpy times.<\/p>\n<p class=\"paywall\" style=\"padding-left: 40px; text-align: left;\">The will to believe otherwise is a sad truth about human nature that a cynic such as Trump has learned to exploit. Hope may not be a strategy, but it remains a default setting. The President\u2019s doublespeak, his purposeful confusion and endless equivocations about how seriously to take his pronouncements, don\u2019t only serve to keep doors open and to maintain plausible deniability; they provide cover to those looking for a way to support his unsupportable actions. I think part of what seems so drastic and different about Trump 2.0 is not the radicalism of his agenda but that he is moving so quickly to act on it. It has become harder and harder to rationalize his words away as merely the empty posturings of an accidental President. For the first time in the more than eight years that he has dominated our politics, America\u2014and the rest of the world\u2014is coming to terms with the idea that Donald Trump might really mean it.\u00a0\u2666<\/p>\n<p style=\"text-align: left;\"><span style=\"color: #0000ff;\"><strong>What does Canada think of all this?<\/strong><\/span><\/p>\n<p style=\"text-align: left;\">Mark Carney\u00a0 was just sworn in as Canada&#8217;s new prime minister. Here&#8217;s an interview he did recently with Jon Stewart of the Daily Show.<\/p>\n<p><iframe loading=\"lazy\" title=\"Mark Carney - Canada Not Interested in Trump\u2019s Offer &amp; Liberal Leadership Prospects | The Daily Show\" width=\"690\" height=\"388\" src=\"https:\/\/www.youtube.com\/embed\/zs8St-fF0kE?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p style=\"text-align: left;\">Here are Bessent&#8217;s dumb remarks:<\/p>\n<p style=\"text-align: left;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-64094\" src=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2025\/03\/Bessent-A-little-Volatility.jpg\" alt=\"\" width=\"630\" height=\"430\" \/><\/p>\n<p style=\"text-align: left;\">To watch Bessent, who is not the brightest pebble on the beach, click <a href=\"https:\/\/www.cnbc.com\/video\/2025\/03\/13\/watch-cnbcas-full-interview-with-u-s-treasury-secretary-scott-bessent.html?__source=CNBC%7Cnewsletter%7Cmarketing%7Cspotlight%7C20250313&amp;tpcc=CNBC%7Cnewsletter%7Cmarketing%7Cspotlight%7C20250313\" target=\"_blank\" rel=\"noopener\"><strong>here.<\/strong><\/a><\/p>\n<p style=\"text-align: left;\"><span style=\"color: #0000ff;\"><strong>These anti-Tesla events are heating up. <\/strong><\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"color: #0000ff;\"><span style=\"color: #000000;\">Here&#8217;s one in Hawaii:<\/span><\/span><\/p>\n<p style=\"text-align: left;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-64105\" src=\"https:\/\/www.technologyinvestor.com\/wp-content\/uploads\/2025\/03\/Tesla-Boycott.jpg\" alt=\"\" width=\"350\" height=\"438\" \/><\/p>\n<p style=\"text-align: left;\">I still believe Tesla is a good short, despite the fact that Donald Trump may have actually bought one. Others, however, aren&#8217;t.<\/p>\n<p style=\"text-align: left;\"><span style=\"color: #0000ff;\"><strong>Stocks today<\/strong><\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"color: #000000;\">Nvidia, ET, NFLX, Meta, Google and Amazon and gold are doing well today. I have sold some stocks recently, but held these. I still hold a big position in NVDA. My remaining stocks are listed on the web site.<\/span><\/p>\n<p style=\"text-align: left;\">If you don&#8217;t receive this blog by email, sign up for free on the web site. Or send me an email.<\/p>\n<p style=\"text-align: left;\">&#8212; See you soon. &#8212; <em>Harry Newton<\/em>.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/figure>\n<\/div>\n<\/figure>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Every day I write that the stock market is going to hell in a handbasket, Mr. Market says: &#8220;I&#8217;ll show you. And my stocks go through the roof.&#8221; Like today! It&#8217;s clear that I cannot predict the future. None of us can. Nor is there always a correlation between bad news and the direction of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-64089","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.technologyinvestor.com\/index.php?rest_route=\/wp\/v2\/posts\/64089","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.technologyinvestor.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.technologyinvestor.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.technologyinvestor.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.technologyinvestor.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=64089"}],"version-history":[{"count":25,"href":"https:\/\/www.technologyinvestor.com\/index.php?rest_route=\/wp\/v2\/posts\/64089\/revisions"}],"predecessor-version":[{"id":64120,"href":"https:\/\/www.technologyinvestor.com\/index.php?rest_route=\/wp\/v2\/posts\/64089\/revisions\/64120"}],"wp:attachment":[{"href":"https:\/\/www.technologyinvestor.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=64089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.technologyinvestor.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=64089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.technologyinvestor.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=64089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}