Posted on 07/02/2019 10:04:55 PM PDT by NRx
In tapping Judy Shelton to become one of two Federal Reserve Board governors, President Donald Trump selected one of the minority of mainstream economists supportive of a return to the gold standard and critical of central bank activity.
Shelton, who serves as the U.S. executive director at the European Bank for Reconstruction and Development, wrote as recently as last year in support of pegging the dollar to gold prices.
Trump announced his intention to nominate both Shelton and St. Louis Fed economist Christopher Waller via tweet on Tuesday.
Shelton’s unorthodox monetary beliefs will likely draw questions from Senate lawmakers, who will ultimately need to approve Shelton and Waller to the Fed board.
In a post published by the libertarian think tank Cato Institute in 2018, Shelton drew a comparison between cryptocurrencies and gold.
“If the appeal of cryptocurrencies is their capacity to provide a common currency, and to maintain a uniform value for every issued unit, we need only consult historical experience to ascertain that these same qualities were achieved through the classical international gold standard,” she wrote.
“In proposing a new international monetary system linked in some way to gold, America has an opportunity to secure continued prominence in global monetary affairs.”
(Excerpt) Read more at cnbc.com ...
Excellent.
I would suspect the main objection the Senate would have is that a return to a “gold” standard would not allow them to continue to borrow trillions of dollars to buy votes from the lame and lazy. People could sense a “value” to a dollar, instead of hoping it has some value tomorrow, and we can’t have that!!
I’m ready to put Trump above Lincoln and Washington now as the greatest President ever. Seems everything he does is the right thing to do and all in the face of unprecedented opposition. He just knows what America needs to prevent it’s collapse and he don’t care one bit who stands in his way. Wow........
He’ll never be greater than Washington, for the simple fact that Washington led men to free this land.
I do put Trump already ahead of Reagan though.
I’m a fan of the gold standard.
our present statist, leftist, social-engineering government, the welfare state, and crony-capitalist class like Zuckerberg, is funded solely by printed, fiat money, manipulated interest rates from the Fed - and the massive debt these create
I’m loving the sound of this already. Never should have left the gold standard in the first place.
Not happening.
Not happening.
This is not the classical gold standard which requires convertibility upon demand.
Shelton appears to be calling for a gold peg, which IIRC is something that Paul Volcker was using when he chaired the Fed. What Shelton is proposing doesn’t sound very controversial.
A debtor nation doesn’t control its destiny under the classical standard, and we most certainly are a debtor nation. The nations who hold our debt can sell that paper and demand gold, draining our monetary base. This was a serious issue back at the outbreak of the First World War.
Congress alone has the power to create debt for the government.
I heard the JFK attempted this. Pray for Trump.
Anyone who thinks we will return to the gold standard is delusional. The ONLY way that will happen is in the event of another civil war.
And I like the gold standard.
>>>In a post published by the libertarian think tank Cato Institute in 2018, Shelton drew a comparison between cryptocurrencies and gold.
Forget the gold standard, let’s go with the Bitcoin standard.
Hear hear. Hold standard for me. So many arguments against, all I know is a nickel candy bar is now a dollar.
Plus, Washington gave up power after two terms as President during a time of Kings, and Emperors.
Average real wages have been on a steady decline since the 1970s.
This “just happens” to coincide with going off of the gold standard.
So gold goes to $21,600.00 an ounce as soon as a new gold standard is enacted? I have to buy more!!
(About $3.42 Trillion dollar money supply/about 150 million ounces supposedly at Ft. Knox).
Need more details on how they would implement it, and how they would deal with having to do an immediate $750 billion cut in the Federal budget.
Both would be very good additions to the Fed Board of Governors.
you have Kool-Aid on your chin.....
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