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Steve Mnuchin Should Be Secretary Of Treasury; Here’s Why

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With a new president comes a changing of the guard. Donald Trump has already announced most of his cabinet, but one glaring omission has been Secretary of Treasury. While the top choice for Trump was JP Morgan Chase  CEO Jamie Dimon, who turned down the role, the next name on the list, Steve Mnuchin, is a great fit. Why is Mnuchin such a solid choice?

Trump Has His Eyes On Steve Mnuchin As Secretary Of Treasury. But Why?

When Donald Trump visited President Obama following his momentous victory as the first person to win the presidency without ever holding political office, he was reportedly surprised at learning he had to replace the entire west wing staff. His advisors had no transition plan since The Donald didn’t want to “jinx the election” by planning a transition before even winning. Now, his team is scrambling to get ready with some big roles to fill. Fortunately, their next Secretary of the Treasury has been right under their noses, and he’s ready to hit the ground running.

Steven Mnuchin is a safe choice for Trump. He’s a trusted advisor who served as the national finance chairman for Trump’s presidential campaign. Under his direction, the campaign raised tens of millions of dollar in voter donations.The only hiccup seems to be a clash of messages, as Trump has bashed Wall Street during his campaign and may now be bringing on a former Goldman Sachs executive to run the country’s finances.

Yet, even with that, Mnuchin is the top candidate recommended by Trump’s transition team. He’s loyal to the president-elect, experienced in fiscal policy and investing, and shares Trump’s vision of America.

The next Treasury Secretary faces a widening budget deficit requiring increased debt issuance, have to deal with income inequality, and navigate international partners who are hesitant (at best) to work with President Trump. This all falls in Mnuchin’s wheelhouse. He will end up running the country’s finances much like he did Trump’s campaign; as a CFO. Mnuchin finds inefficiencies and fixes them. He’s a systems guy, and that’s what the country needs right now.

But he’s also a voice of reason.

When Trump promised tax breaks to the top marginal group he effectively promised tax cuts to the rich from 39.6 percent tax, making almost half the benefit of Trump tax cuts go to the top 1 percent of income earners in the country. Mnuchin stopped the cut at 33 percent when others recommended significantly lower numbers.

Watch this video report from Business Insider to get to know Steve Mnuchin more:

While they share the same vision, Mnuchin could be a level head to review Trump’s policies and help guide the country to the economic growth it needs. Expect a formal announcement any day, as Steven Mnuchin is the logical choice for Secretary of Treasury.

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Business

American Firms Keep Hiring, Easing Worries of Weakening Economy

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The unemployment rate is “now at a half-century low of 3.5%” – this matches the lowest jobless rate since 1969 – and economists have also given a warning that hiring would soon slow because there are fewer unemployed workers. However, in November, employers added 266,000 jobs – the highest number since January. Monthly hiring has averaged 205,000 for the past three months.

Associated Press reported that “Friday’s jobs report largely squelched fears of a recession that had taken hold in the summer. Steady job growth has helped reassure consumers that the economy is expanding and that their jobs and incomes remain secure.”

President Trump tried to focus voter’s attention on the state of the economy instead of his impeachment inquiry. Trump even tweeted “JOBS, JOBS, JOBS!”

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Economy

Could Trump’s Tariffs Hurt The U.S. Economy?

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Could Trump’s Tariffs Hurt The U.S. Economy

About a year ago, the media was talking about how Trump’s trade wars could negatively affect many industrial companies, the agricultural sector, and right down to the every day American worker.

The recent stats from Gross Domestic Product has now revealed the current reality of Trump’s multiple front trade war.

Data shows that imports increased, while exports decreased by over 5%. Business investments have declined by 0.6%, and this decline has been happening since 2016. Most North American corporate capital spending is also on a declining trend.

Trumps’s tax reform was short-lived for most American companies. We did not get many benefits from the trade tensions either. U.S. corporate debt is getting much worse and far more significant than household debt.

Many are speculating that the cutting interest rates will lead to more zombie companies that will threaten both the U.S. and global economy.

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Economy

CryptoRuble | Cryptocurrency in Russia

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What do you get when you implement cryptocurrency in Russia? Cryptoruble! Read on to find out how Russian cryptocurrency is doing.

CryptoRuble | Cryptocurrency in Russia

Russia’s Pivot Toward a Pro Cryptocurrency Policy

Prior to the great boom which propelled Bitcoin over $7,000, both Russian bankers and politicians alike voiced their conflicting opinions and hesitancy toward the cryptocurrency.

Vladimir Putin called for tighter regulation of cryptocurrencies only a month prior to his speech where he touched on nurturing the new technology, while authoritative bankers compared cryptocurrencies to Ponzi schemes.

At one time, a proposal was made that would punish those owning bitcoin with up to seven years in jail for a violation.

Recently however, these antagonistic statements from central banks and the Kremlin have pivoted with a series of official announcements that would strengthen Russia’s position as a possible focal point for the impending and inescapable cryptocurrency revolution. The major impetus for this considerable change in rhetoric is demanded from people all over the world for digital cash as instruments of investment, payment, and more. The people’s demand hasn’t fallen on deaf ears in Russia.

But the Russian elite have answered the people’s call in a uniquely Russian way.

To everyone’s surprise, President Putin, in late October of 2017, announced his support for cryptocurrency in Russia and subsequently ordered legislation that would put into place infrastructure for its national adoption.

Unique legal frameworks has since been conceived for the taxation of cryptocurrency mining, regulating initial coin offerings (ICOs), developing blockchain technology in business, and establishing a far-reaching system of payment for Russian citizens.

Perhaps, the most astonishing statement given by President Putin’s was his announcement that Russia intends to form a digital crypto rendition of the ruble termed the ‘CryptoRuble’. The CryptoRuble is supposed to be interchangeable with the ruble on a 1:1 ratio. Quite dissimilar to other more ‘traditional’ forms of cryptocurrencies, the CryptoRuble will not be able to be mined and will be exclusively issued by the Russia’s central bank. This kind of approach is distinctly Russian, and is based on years of meticulous observation of how various forms of cryptocurrency has previously affected other countries.

This Russian model cedes some economic freedoms for government control, while still preserving and incorporating the technology’s primary advantages.

Additionally, an unchangeable ledger will make citizen cash flows transparent to the government and help stem fraud and corruption. In theory, it should also help to bring down walls of previous systems plagued by middlemen.

CryptoRuble income is expected to be taxed at a rate of 13 percent for those wo’re unable to provide a legitimate source for it. Not only is this an attempt at preventing corruption, but it’s also a way the Russian government can profit from it.

Russian leadership is likely to remain watchful of any new methods they can use to achieve a competitive edge in international politics, finance and trade.

Cryptocurrency seems to be one of the most likely channels for increased influence across borders; thus, Russia’s pivot toward a pro-crypto policy stance is quite logical.

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