President Shitshow’s First 100 Days; Day 45

March 7, 2025 12:46 pm EST Tiff Editorial (Open Thread) Comments Off on President Shitshow’s First 100 Days; Day 45

It’s Friday.

President Shitshow’s public schedule for…

Friday, March 7 2025
9:00 AM
In-Town Pool Call Time
In-Town Pool
2:30 PM
The President signs Executive Orders
Oval Office 
Closed Press
3:00 PM
The President delivers remarks at The White House Digital Assets Summit
State Dining Room White House
Press Pool
3:50 PM
Out-of-Town Pool Call Time
Out-of-Town Pool
5:00 PM
The President departs The White House en route Joint Base Andrews
South Lawn 
Open Press
5:10 PM
The President arrives Joint Base Andrews
Joint Base Andrews
 Out-of-Town Travel Pool
5:20 PM
The President departs Joint Base Andrews en route Palm Beach International Airport
Joint Base Andrews
 Out-of-Town Travel Pool
7:25 PM
The President arrives Palm Beach International Airport
Palm Beach International Airport 
Pre-Credentialed Media
7:35 PM
The President departs Palm Beach International Airport en route Mar-a-Lago
Palm Beach International Airport 
Out-of-Town Travel Pool
7:50 PM
The President arrives Mar-a-Lago
Mar-a-Lago 
Out-of-Town Travel Pool

Bitcoin Reserve

Yesterday, President Shitshow established the Strategic Bitcoin Reserve and the U.S. Digital Asset Stockpile…

David Sacks the AI and Crypto Czar posted this on Twitter:

Show more =’s This means it will not cost taxpayers a dime.

It is estimated that the U.S. government owns about 200,000 bitcoin; however, there has never been a complete audit. The E.O. directs a full accounting of the federal government’s digital asset holdings.

The U.S. will not sell any bitcoin deposited into the Reserve. It will be kept as a store of value. The Reserve is like a digital Fort Knox for the cryptocurrency often called “digital gold.”

Premature sales of bitcoin have already cost U.S. taxpayers over $17 billion in lost value. Now the federal government will have a strategy to maximize the value of its holdings.

The Secretaries of Treasury and Commerce are authorized to develop budget-neutral strategies for acquiring additional bitcoin, provided that those strategies have no incremental costs on American taxpayers.

IN ADDITION, the Executive Order establishes a U.S. Digital Asset Stockpile, consisting of digital assets other than bitcoin forfeited in criminal or civil proceedings.

The government will not acquire additional assets for the Stockpile beyond those obtained through forfeiture proceedings.

The purpose of the Stockpile is responsible stewardship of the government’s digital assets under the Treasury Department.

PROMISES MADE, PROMISES KEPT

President Trump promised to create a Strategic Bitcoin Reserve and Digital Asset Stockpile. Those promises have been kept.

This Executive Order underscores President Trump’s commitment to making the U.S. the “crypto capital of the world.”

I want to thank the President for his leadership and vision in supporting this cutting-edge technology and for his rapid execution in supporting the digital asset industry. His administration is truly moving at “tech speed.”

I also want to thank the President’s Working Group on Digital Asset Markets — especially Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick — for their help and support in getting this done. Finally Bo Hines played a critical role as Executive Director of our Working Group.

Just so it’s clear, I’m not calling him the Czar to be a smart ass.

His Twitter bio:

From the White House…

Fact Sheet: President Donald J. Trump Establishes the Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile

CREATING A STRATEGIC BITCOIN RESERVE AND DIGITAL ASSET STOCKPILE: Today, President Donald J. Trump signed an Executive Order to establish a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile, positioning the United States as a leader among nations in government digital asset strategy.

Fact Sheet: President Donald J. Trump Establishes the Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile. 03/06/2025.
  • The Order creates a Strategic Bitcoin Reserve that will treat bitcoin as a reserve asset.
    • The Strategic Bitcoin Reserve will be capitalized with bitcoin owned by the Department of Treasury that was forfeited as part of criminal or civil asset forfeiture proceedings.  Other agencies will evaluate their legal authority to transfer any bitcoin owned by those agencies to the Strategic Bitcoin Reserve.
    • The United States will not sell bitcoin deposited into this Strategic Bitcoin Reserve, which will be maintained as a store of reserve assets.
    • The Secretaries of Treasury and Commerce are authorized to develop budget-neutral strategies for acquiring additional bitcoin, provided that those strategies impose no incremental costs on American taxpayers.
  • It also established a U.S. Digital Asset Stockpile, consisting of digital assets other than bitcoin owned by the Department of Treasury that was forfeited in criminal or civil asset forfeiture proceedings.
    • The government will not acquire additional assets for the U.S. Digital Asset Stockpile beyond those obtained through forfeiture proceedings.
    • The Secretary of the Treasury may determine strategies for responsible stewardship, including potential sales from the U.S. Digital Asset Stockpile.
  • Agencies must provide a full accounting of their digital asset holdings to the Secretary of the Treasury and the President’s Working Group on Digital Asset Markets.
  • This Order ensures a strategic approach to managing digital assets under U.S. control.

ADDRESSING A CRYPTO MANAGEMENT GAP:

  • Bitcoin, the original cryptocurrency, is referred to as “digital gold” because of its scarcity and security, having never been hacked.
    • With a fixed supply of 21 million coins, there is a strategic advantage to being among the first nations to create a Strategic Bitcoin Reserve.
    • The United States currently holds a significant amount of bitcoin but has not maximized its strategic position as a unique store of value in the global financial system.
    • Premature sales of bitcoin have already cost U.S. taxpayers over $17 billion.
  • The Executive Order begins to resolve the current disjointed handling of cryptocurrencies seized through forfeiture by, and scattered across, various Federal agencies.
  • Currently, no clear policy exists for managing these assets, leading to a lack of accountability and inadequate exploration of options to centralize, secure, or maximize their value.
  • Taking affirmative steps to centralize ownership, control, and management of these assets within the Federal government will ensure proper oversight, accurate tracking, and a cohesive approach to managing the government’s cryptocurrency holdings.
  • This move harnesses the power of digital assets for national prosperity, rather than letting them languish in limbo.

DELIVERING ON PLEDGE TO MAKE AMERICA THE CRYPTO CAPITAL OF THE WORLD: President Trump is fulfilling his promise to position America as the global leader in cryptocurrency.

  • President Trump promised to make the United States the “crypto capital of the world,” emphasizing the need to embrace digital assets to drive economic growth and technological leadership.
  • In his first week in office, President Trump signed an Executive Order to promote United States leadership in digital assets such as cryptocurrency.
  • President Trump has consistently advocated for a forward-thinking approach to crypto, stating: “I am very positive and open minded to cryptocurrency companies, and all things related to this new and burgeoning industry. Our country must be the leader in the field.”
  • President Trump promised to create a Strategic Bitcoin Reserve and a Digital Assets Stockpile.
  • President Trump appointed a “crypto czar” and is hosting the first-ever crypto summit at the White House, just a few of the many ways this Administration is demonstrating its strong commitment to this digital asset.

Establishment of the Strategic Bitcoin Reserve and United States Digital Asset Stockpile

By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:

     Section 1.  Background.  Bitcoin is the original cryptocurrency.  The Bitcoin protocol permanently caps the total supply of bitcoin (BTC) at 21 million coins, and has never been hacked.  As a result of its scarcity and security, Bitcoin is often referred to as “digital gold”.  Because there is a fixed supply of BTC, there is a strategic advantage to being among the first nations to create a strategic bitcoin reserve.  The United States Government currently holds a significant amount of BTC, but has not implemented a policy to maximize BTC’s strategic position as a unique store of value in the global financial system.  Just as it is in our country’s interest to thoughtfully manage national ownership and control of any other resource, our Nation must harness, not limit, the power of digital assets for our prosperity.  

     Sec. 2.  Policy.  It is the policy of the United States to establish a Strategic Bitcoin Reserve.  It is further the policy of the United States to establish a United States Digital Asset Stockpile that can serve as a secure account for orderly and strategic management of the United States’ other digital asset holdings.

     Sec. 3.  Creation and Administration of the Strategic Bitcoin Reserve and United States Digital Asset Stockpile.  
     (a)  The Secretary of the Treasury shall establish an office to administer and maintain control of custodial accounts collectively known as the “Strategic Bitcoin Reserve,” capitalized with all BTC held by the Department of the Treasury that was finally forfeited as part of criminal or civil asset forfeiture proceedings or in satisfaction of any civil money penalty imposed by any executive department or agency (agency) and that is not needed to satisfy requirements under 31 U.S.C. 9705 or released pursuant to subsection (d) of this section (Government BTC).  Within 30 days of the date of this order, each agency shall review its authorities to transfer any Government BTC held by it to the Strategic Bitcoin Reserve and shall submit a report reflecting the result of that review to the Secretary of the Treasury.  Government BTC deposited into the Strategic Bitcoin Reserve shall not be sold and shall be maintained as reserve assets of the United States utilized to meet governmental objectives in accordance with applicable law.  
     (b)  The Secretary of the Treasury shall establish an office to administer and maintain control of custodial accounts collectively known as the “United States Digital Asset Stockpile,” capitalized with all digital assets owned by the Department of the Treasury, other than BTC, that were finally forfeited as part of criminal or civil asset forfeiture proceedings and that are not needed to satisfy requirements under 31 U.S.C. 9705 or released pursuant to subsection (d) of this section (Stockpile Assets).  Within 30 days of the date of this order, each agency shall review its authorities to transfer any Stockpile Assets held by it to the United States Digital Asset Stockpile and shall submit a report reflecting the result of that review to the Secretary of the Treasury.  The Secretary of the Treasury shall determine strategies for responsible stewardship of the United States Digital Asset Stockpile in accordance with applicable law.
     (c)  The Secretary of the Treasury and the Secretary of Commerce shall develop strategies for acquiring additional Government BTC provided that such strategies are budget neutral and do not impose incremental costs on United States taxpayers.  However, the United States Government shall not acquire additional Stockpile Assets other than in connection with criminal or civil asset forfeiture proceedings or in satisfaction of any civil money penalty imposed by any agency without further executive or legislative action.   
     (d)  “Government Digital Assets” means all Government BTC and all Stockpile Assets.  The head of each agency shall not sell or otherwise dispose of any Government Digital Assets, except in connection with the Secretary of the Treasury’s exercise of his lawful authority and responsible stewardship of the United States Digital Asset Stockpile pursuant to subsection (b) of this section, or pursuant to an order from a court of competent jurisdiction, as required by law, or in cases where the Attorney General or other relevant agency head determines that the Government Digital Assets (or the proceeds from the sale or disposition thereof) can and should: 
          (i)    be returned to identifiable and verifiable victims of crime; 
          (ii)   be used for law enforcement operations;  
          (iii)  be equitably shared with State and local law enforcement partners; or 
          (iv)   be released to satisfy requirements under 31 U.S.C. 9705, 28 U.S.C. 524(c), 18 U.S.C. 981, or 21 U.S.C. 881. 
     (e)  Within 60 days of the date of this order, the Secretary of the Treasury shall deliver an evaluation of the legal and investment considerations for establishing and managing the Strategic Bitcoin Reserve and United States Digital Asset Stockpile going forward, including the accounts in which the Strategic Bitcoin Reserve and United States Digital Asset Stockpile should be located and the need for any legislation to operationalize any aspect of this order or the proper management and administration of such accounts.

     Sec. 4.  Accounting.  Within 30 days of the date of this order, the head of each agency shall provide the Secretary of the Treasury and the President’s Working Group on Digital Asset Markets with a full accounting of all Government Digital Assets in such agency’s possession, including any information regarding the custodial accounts in which such Government Digital Assets are currently held that would be necessary to facilitate a transfer of the Government Digital Assets to the Strategic Bitcoin Reserve or the United States Digital Asset Stockpile.  If such agency holds no Government Digital Assets, such agency shall confirm such fact to the Secretary of the Treasury and the President’s Working Group on Digital Asset Markets within 30 days of the date of this order.  

     Sec. 5.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:
          (i)   the authority granted by law to an executive department or agency, or the head thereof; or
          (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
     (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
     (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

Establishment of the Strategic Bitcoin Reserve and United States Digital Asset Stockpile. 03/06/2025.

Jobs Report Friday

BLS.gov (03/07/2025):

Total nonfarm payroll employment rose by 151,000 in February, and the unemployment rate changed little at 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment trended up in health care, financial activities, transportation and warehousing, and social assistance. Federal government employment declined.

[snip]

The change in total nonfarm payroll employment for December was revised up by 16,000, from +307,000 to +323,000, and the change for January was revised down by 18,000, from +143,000 to +125,000. With these revisions, employment in December and January combined is 2,000 lower than previously reported. (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.)

BLS.gov (03/07/2025).

I had to go to Bluesky for Ben’s charts!

OK, charts thread! Starting with the top line: Job growth has been a bit slower to start the year, but remains solid. Note, though, that these figures pre-date most of the cuts in federal government jobs. #NumbersDay #EconSky

[image or embed]

— Ben Casselman (@bencasselman.bsky.social) March 7, 2025 at 5:52 AM

There is some evidence of the DOGE effect in this month's data: Federal employment fell by 10,000 (11k not seasonally adjusted). Hard to know for sure what's behind that, but it's unusual.

[image or embed]

— Ben Casselman (@bencasselman.bsky.social) March 7, 2025 at 5:53 AM

The unemployment rate ticked up to 4.1 percent, which on its own isn't too troubling — it's been bumping along around 4 percent for a while, without any obvious sign of an upward trend.

[image or embed]

— Ben Casselman (@bencasselman.bsky.social) March 7, 2025 at 6:01 AM

But the rest of the household survey was more discouraging. The employment rate and labor force participation rate fell, both overall and for prime-age workers.

[image or embed]

— Ben Casselman (@bencasselman.bsky.social) March 7, 2025 at 6:01 AM

The White House reacted to the Jobs Report…

Show more =’s Under President Trump, the private sector is leading the way — 93% of the job gains in February were in the private sector. This is great news for American workers and families. The Trump Administration will continue to work hard to implement pro-growth policies and push Congress to enact the Trump Economic Agenda.

I can’t find where 9,000 auto jobs have been added…

From the BLS.gov release:

Employment showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; construction; manufacturing; wholesale trade; information; professional and business services; leisure and hospitality; and other services.

In February, average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents, or 0.3 percent, to $35.93. Over the past 12 months, average hourly earnings have increased by 4.0 percent. In February, average hourly earnings of private-sector production and nonsupervisory employees rose by 9 cents, or 0.3 percent, to $30.89. (See tables B-3 and B-8.)

In February, the average workweek for all employees on private nonfarm payrolls was unchanged at 34.1 hours. In manufacturing, the average workweek remained at 40.1 hours, and overtime edged up by 0.1 hour to 2.9 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls was unchanged at 33.6 hours. (See tables B-2 and B-7.)

BLS.gov (03/07/2025).

Chaos is a Choice

For decades, new parents across the United States have been able to check a box on hospital forms in order to request Social Security numbers for their newborns.

That’s no longer the case in Maine, where parents will have to visit a Social Security field office thanks to a shocking move by President Donald Trump’s administration.

[snip]

“As a result of SSA’s contract termination, effective immediately, Maine hospitals are no longer able to enroll newborns into Social Security at the time of birth so parents will now need to visit their local Social Security office to apply in-person for their child’s Social Security Number,” the Maine DHHS spokesperson said in an email.

No justification has been given for the change, which was first reported by the Portland Press Herald. The Social Security Administration has not responded to multiple requests for comment. The White House declined to comment, referring questions to the Social Security Administration.

Huffpost. 03/06/2025.
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That’s gonna do it for this late edition of Shitshow’s first 100 days…

This is an open thread

PSA:

This weekend we…

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About Tiff 3046 Articles
Member of the Free Press who is politically homeless and a political junkie.