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?
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?
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.
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.
Ron Paul probably likes her. He’s always ranting about how bad the fed is. Rand does too.
My WAG: Just part of Trump’s making it as hard as possible for Biden to govern.
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?
What time is the vote? Did Harris show up?
BREAKING: Kamala Harris will be going to DC today to be the deciding vote against Judy Shelton’s nomination to the Federal Reserve.
I just got a news alert that Shelton was blocked.
I’m not seeing any breaking news or updates…
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…
Both of those are sufficiently nutty to earn the label.
Awesome; thanks for the link.
Done for now.
Yay.
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?
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.
(With this new board software, I never know what thread I’m posting to anymore.)
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.
Yes, but Shelton was a nominee well before Biden won the election.
ETA: He tweeted in July, 2019, that he was nominating her.