# Trump to put nut on fed reserve board **URL:** \ **Category:** Politics & Elections\ **Created:** [November 16, 2020, 8:48pm UTC](https://boards.straightdope.com/t/trump-to-put-nut-on-fed-reserve-board/925738 "2020-11-16T20:48:50Z")\ **Posts on this page:** 20\ **Page:** 2
**Author:** ![RitterSport](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/rittersport/32/6326_2.png) [@RitterSport](https://boards.straightdope.com/u/RitterSport)\ **Post date:** [November 17, 2020, 3:30pm UTC](https://boards.straightdope.com/t/trump-to-put-nut-on-fed-reserve-board/925738/21 "2020-11-17T15:30:07Z")
No argument here. But, if you had a gold bug president who put gold bugs on the Fed, there’s not much congress could do. Does anyone know why Judy Shelton was nominated? She’s bad enough that the Republican toadies in the Senate may reject her – what’s her upside? ---
**Author:** ![Dewey\_Finn](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dewey_finn/32/4222_2.png) [@Dewey\_Finn](https://boards.straightdope.com/u/Dewey_Finn)\ **Post date:** [November 17, 2020, 3:35pm UTC](https://boards.straightdope.com/t/trump-to-put-nut-on-fed-reserve-board/925738/22 "2020-11-17T15:35:31Z")
> [@RitterSport](#): > > Since the Fed controls the money supply, they could choose to limit it to some amount based on the amount of gold, right? Seems like they could do it unilaterally. My understanding is that the money supply is many times the amount of gold that’s ever been mined, so either the money supply contracts bigtime or the price of gold goes way up (or probably both). And for what reason? ---
**Author:** ![RitterSport](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/rittersport/32/6326_2.png) [@RitterSport](https://boards.straightdope.com/u/RitterSport)\ **Post date:** [November 17, 2020, 3:44pm UTC](https://boards.straightdope.com/t/trump-to-put-nut-on-fed-reserve-board/925738/23 "2020-11-17T15:44:42Z")
> [@Dewey\_Finn](#): > > And for what reason? No idea. There’s no good economic reason, that’s for sure. But, sure, you could make gold 100 times more valuable (or whatever necessary) and shrink the money supply tremendously, causing massive deflation, job losses, and economic ruin. ---
**Author:** ![Whack-a-Mole](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/whack-a-mole/32/141_2.png) [@Whack-a-Mole](https://boards.straightdope.com/u/Whack-a-Mole)\ **Post date:** [November 17, 2020, 3:51pm UTC](https://boards.straightdope.com/t/trump-to-put-nut-on-fed-reserve-board/925738/24 "2020-11-17T15:51:00Z")
> [@Dewey\_Finn](#): > > And for what reason? The reason is to fix global exchange rates. Without a gold standard countries can (and often do) mess with their exchange rates to make their currency more or less valuable. For example, it was often cited (and almost certainly true) that China manipulated their currency to be weak against the US dollar so their goods were more attractive to buy and helped move manufacturing to China. In theory a gold standard would stop that. Is that reason enough to go back? No. But that’s a reason. ---
**Author:** ![Bijou\_Drains](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/bijou_drains/32/2814_2.png) [@Bijou\_Drains](https://boards.straightdope.com/u/Bijou_Drains)\ **Post date:** [November 17, 2020, 3:56pm UTC](https://boards.straightdope.com/t/trump-to-put-nut-on-fed-reserve-board/925738/25 "2020-11-17T15:56:01Z")
Ron Paul probably likes her. He’s always ranting about how bad the fed is. Rand does too. ---
**Author:** ![Hari\_Seldon](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/hari_seldon/32/5173_2.png) [@Hari\_Seldon](https://boards.straightdope.com/u/Hari_Seldon)\ **Post date:** [November 17, 2020, 5:38pm UTC](https://boards.straightdope.com/t/trump-to-put-nut-on-fed-reserve-board/925738/26 "2020-11-17T17:38:13Z")
> [@RitterSport](#): > > Does anyone know why Judy Shelton was nominated? She’s bad enough that the Republican toadies in the Senate may reject her – what’s her upside? My WAG: Just part of Trump’s making it as hard as possible for Biden to govern. ---
**Author:** ![Driver8](https://avatars.discourse-cdn.com/v4/letter/d/b5a626/32.png) [@Driver8](https://boards.straightdope.com/u/Driver8)\ **Post date:** [November 17, 2020, 6:18pm UTC](https://boards.straightdope.com/t/trump-to-put-nut-on-fed-reserve-board/925738/27 "2020-11-17T18:18:26Z")
> [@Whack-a-Mole](#): > > The reason is to fix global exchange rates. Without a gold standard countries can (and often do) mess with their exchange rates to make their currency more or less valuable. > > For example, it was often cited (and almost certainly true) that China manipulated their currency to be weak against the US dollar so their goods were more attractive to buy and helped move manufacturing to China. > > In theory a gold standard would stop that. Can you elaborate on this? I suspect I’m missing something as I have very little training in economics. My intuition is that it would require all related parties to be on the gold standard, and that China could still manipulate its currency in relation to a gold backed United States dollar if they weren’t on the gold standard themselves. Am I missing something? ---
**Author:** ![Snowboarder\_Bo](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/snowboarder_bo/32/229_2.png) [@Snowboarder\_Bo](https://boards.straightdope.com/u/Snowboarder_Bo)\ **Post date:** [November 17, 2020, 8:09pm UTC](https://boards.straightdope.com/t/trump-to-put-nut-on-fed-reserve-board/925738/28 "2020-11-17T20:09:37Z")
What time is the vote? Did Harris show up? ---
**Author:** ![Bijou\_Drains](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/bijou_drains/32/2814_2.png) [@Bijou\_Drains](https://boards.straightdope.com/u/Bijou_Drains)\ **Post date:** [November 17, 2020, 8:34pm UTC](https://boards.straightdope.com/t/trump-to-put-nut-on-fed-reserve-board/925738/29 "2020-11-17T20:34:33Z")
BREAKING: Kamala Harris will be going to DC today to be the deciding vote against Judy Shelton’s nomination to the Federal Reserve. ---
**Author:** ![RitterSport](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/rittersport/32/6326_2.png) [@RitterSport](https://boards.straightdope.com/u/RitterSport)\ **Post date:** [November 17, 2020, 8:41pm UTC](https://boards.straightdope.com/t/trump-to-put-nut-on-fed-reserve-board/925738/30 "2020-11-17T20:41:10Z")
I just got a news alert that Shelton was blocked. ---
**Author:** ![Snowboarder\_Bo](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/snowboarder_bo/32/229_2.png) [@Snowboarder\_Bo](https://boards.straightdope.com/u/Snowboarder_Bo)\ **Post date:** [November 17, 2020, 8:42pm UTC](https://boards.straightdope.com/t/trump-to-put-nut-on-fed-reserve-board/925738/31 "2020-11-17T20:42:35Z")
I’m not seeing any breaking news or updates… ---
**Author:** ![GIGObuster](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/gigobuster/32/421_2.png) [@GIGObuster](https://boards.straightdope.com/u/GIGObuster)\ **Post date:** [November 17, 2020, 8:47pm UTC](https://boards.straightdope.com/t/trump-to-put-nut-on-fed-reserve-board/925738/32 "2020-11-17T20:47:21Z")
[https://www.bloomberg.com/news/articles/2020-11-17/shelton-s-fed-confirmation-vote-tightens-with-senator-quarantine](https://www.bloomberg.com/news/articles/2020-11-17/shelton-s-fed-confirmation-vote-tightens-with-senator-quarantine) Chuck Grassley and ~~Voldemort~~ Rick Scott were in quarantine, so the Turtle did not have the votes and had to vote no also so he could be able to introduce her again later… ---
**Author:** ![Acsenray](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/acsenray/32/4519_2.png) [@Acsenray](https://boards.straightdope.com/u/Acsenray)\ **Post date:** [November 17, 2020, 8:49pm UTC](https://boards.straightdope.com/t/trump-to-put-nut-on-fed-reserve-board/925738/33 "2020-11-17T20:49:40Z")
> [@Dark\_Sponge](#): > > Which part makes her a nut? Wanting to go back to the gold standard? Wanting to kill the Federal Reserve Bank? Both of those are sufficiently nutty to earn the label. ---
**Author:** ![Snowboarder\_Bo](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/snowboarder_bo/32/229_2.png) [@Snowboarder\_Bo](https://boards.straightdope.com/u/Snowboarder_Bo)\ **Post date:** [November 17, 2020, 8:50pm UTC](https://boards.straightdope.com/t/trump-to-put-nut-on-fed-reserve-board/925738/34 "2020-11-17T20:50:14Z")
Awesome; thanks for the link. ---
**Author:** ![Aspenglow](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/aspenglow/32/76_2.png) [@Aspenglow](https://boards.straightdope.com/u/Aspenglow)\ **Post date:** [November 17, 2020, 9:16pm UTC](https://boards.straightdope.com/t/trump-to-put-nut-on-fed-reserve-board/925738/35 "2020-11-17T21:16:36Z")
Done for now. > **[Trump nominee Shelton's path to Fed narrows as virus spreads](https://www.reuters.com/article/us-usa-fed-shelton-blocked/senate-blocks-confirmation-of-trump-fed-nominee-shelton-idUSKBN27X2UD?il=0)** > > The path to the Federal Reserve for President Donald Trump's controversial nominee Judy Shelton narrowed Tuesday after the Senate blocked a key procedural vote and a Republican senator who was one of her supporters said he came down with the... Yay. ---
**Author:** ![RitterSport](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/rittersport/32/6326_2.png) [@RitterSport](https://boards.straightdope.com/u/RitterSport)\ **Post date:** [November 17, 2020, 9:24pm UTC](https://boards.straightdope.com/t/trump-to-put-nut-on-fed-reserve-board/925738/36 "2020-11-17T21:24:31Z")
Fed nominees should be fairly uncontroversial – maybe a little more hawkish or dovish about inflation or unemployment, but nothing too radical. What is the point of these crazies? ---
**Author:** ![Aspenglow](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/aspenglow/32/76_2.png) [@Aspenglow](https://boards.straightdope.com/u/Aspenglow)\ **Post date:** [November 17, 2020, 9:26pm UTC](https://boards.straightdope.com/t/trump-to-put-nut-on-fed-reserve-board/925738/37 "2020-11-17T21:26:44Z")
To hobble Democrats and Joe Biden at every turn. Republicans long ago reached the point that they can justify _anything_ so long as it hurts Democrats. The end justifies the means. Always. ---
**Author:** ![robby](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/robby/32/11048_2.png) [@robby](https://boards.straightdope.com/u/robby)\ **Post date:** [November 17, 2020, 9:28pm UTC](https://boards.straightdope.com/t/trump-to-put-nut-on-fed-reserve-board/925738/38 "2020-11-17T21:28:45Z")
> [@The Trump Administration: A Clusterfuck in the Making Part Deux (Part 1)](https://boards.straightdope.com/t/the-trump-administration-a-clusterfuck-in-the-making-part-deux/911083/6606): > > So the vote was 47 to 50 with Senate Majority Leader Mitch McConnell voting “no” to preserve the option to reconsider later. Taking this tactical move out the picture means the actual vote was 48 to 49. That is entirely too close for comfort. I’m glad the vote failed, but what the actual fuck is the matter with the Republicans in the Senate? Between Trump and the Republicans in Congress, it seems like half of our leaders are trying to burn the country to the ground. Who in their right mind wo… (With this new board software, I never know what thread I’m posting to anymore.) ---
**Author:** ![LSLGuy](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/lslguy/32/5813_2.png) [@LSLGuy](https://boards.straightdope.com/u/LSLGuy)\ **Post date:** [November 17, 2020, 9:34pm UTC](https://boards.straightdope.com/t/trump-to-put-nut-on-fed-reserve-board/925738/39 "2020-11-17T21:34:25Z")
Makes you wonder how much gold they’ve each bought at ~$1000/oz that would, after the US went on the gold standard, pretty quickly be worth (total WAG) $20K/oz. Or perhaps we’re really seeing Auric Goldfinger finally make his move now that that pesky 007 is good and dead. ---
**Author:** ![RitterSport](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/rittersport/32/6326_2.png) [@RitterSport](https://boards.straightdope.com/u/RitterSport)\ **Post date:** [November 17, 2020, 9:39pm UTC](https://boards.straightdope.com/t/trump-to-put-nut-on-fed-reserve-board/925738/40 "2020-11-17T21:39:26Z")
Yes, but Shelton was a nominee well before Biden won the election. ETA: He tweeted in July, 2019, that he was nominating her. [Previous page](https://boards.straightdope.com/t/trump-to-put-nut-on-fed-reserve-board/925738.md?page=1) [Next page](https://boards.straightdope.com/t/trump-to-put-nut-on-fed-reserve-board/925738.md?page=3)