EmbeddingGemma 2: an open, lightweight multimodal embedding model
deepmind.google·6d ago
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Hacker News·11d ago·5 min read
The Beclowning of Scott Bessent
TL;DR
Scott Bessent, once viewed as a credible Treasury Secretary, has lost credibility after controversial market interventions, including supporting the Japanese yen and manipulating U.S. Treasury rates.
✦ Why It Matters
Evaluate your financial strategies carefully, especially in volatile markets influenced by political decisions.
Key Takeaways
- Assess the impact of political affiliations on your professional reputation.
- Stay informed about market trends affecting interest rates.
- Be cautious of making bold predictions without solid evidence.
- Understand the geopolitical factors influencing economic conditions.
Full Summary
Scott Bessent was appointed as Secretary of the Treasury with a strong reputation, praised for his understanding of the global economy. However, his recent actions, including attempts to manipulate long-term interest rates and support the Japanese yen, have backfired.
Interest rates are at their highest since the dotcom bubble, driven by inflation linked to rising oil prices and geopolitical tensions. Bessent's predictions about the Iranian economy's imminent collapse seem overly optimistic, reflecting a disconnect from reality.
His situation illustrates the risks of aligning with Trump, as it can lead to a total loss of credibility and reputation in the political arena.