President Trump wasted no time in appointing a new Treasury secretary, selecting, as expected hedge fund manager Scott Bessent of Druckenmiller and Soros fame. To assist with the secretary’s uphill battle against the federal deficit, James Grant of “Grant’s Interest Rate Observer” in a Tongue-in-cheek manner suggests a very simple accounting change that would add as much as $780 billion to the Treasury’s cash balance on deposit at the Federal Reserve. Grant and Bessent are long time friends. Bessent spoke at the most recent Grant's Conference in October 2024.
What to do about all that gold?
In the Feb. 14 issue, “Grant’s” noted that the U.S. government holds 261...
