Trump’s New Fed Pick Wants To Revert Us To Gold Standard
The price of gold is soaring. A likely cause of the uptick in price may well be President Trump’s potential Federal Reserve choices. One if his selections, Judy Shelton, believes the United States should adhere to the gold standard. The United States moved away from the gold standard in 1971, prompting decades of conspiracy theories into why. Some even believe that former Libyan leader Muammar al-Gaddafi was killed by the United States for wanting to revert Africa back to the gold standard. Some of that’s backed up with a potential Hillary Clinton, Sidney Blumenthal email chain discovered a few years ago.
Shelton’s support of the gold standard, clearly, will prompt all types of D.C. drama. Mainstream economists, for the most part, don’t support reverting back to gold.
As it stands, the dollar is backed by nothing, leading many to believe a global financial collapse is inevitable.
Shelton’s play would attach the value of a dollar to the value of gold. In other words, the dollar would suddenly be backed again. Shelton isn’t a complete D.C. outlier, Herman Cain notoriously has called for the same gold standard economics. Cain’s lashing from the media included an LA Times article titled, Herman Cain, Trump’s next pick for the Fed, embraces the stupidest idea in economic policy.
The “stupidest idea” refers to gold standard dollar backing, while “Trump’s next pick” refers to Cain. I just thought I’d add clarity in the event this heartwarming, bring America together piece wasn’t clear.
Trump’s addition of Shelton goes beyond her gold standard support. We don’t know that Trump similarly supports such a drastic change. But we do believe Shelton’s presence would offer a new layer of Fed support for Trump, who has often complained that the Fed is working to harm the economy.
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Shelton would certainly stimulate an already roaring economy if seated in the spot. She has stated that she wants to decrease interest rates “as fast, as efficiently, as expeditiously as possible.”
I am pleased to announce that it is my intention to nominate Judy Shelton, Ph. D., U.S. Executive Dir, European Bank of Reconstruction & Development to be on the board of the Federal Reserve….
— Donald J. Trump (@realDonaldTrump) July 2, 2019
Shelton might also be an even more convenient fit for Trump’s admin, given her past vocal animosities towards the Fed.
Shelton still needs to be confirmed by the Senate, which given the past SCOTUS hearing calamities, certainly doesn’t make her path to the Fed a shoo-in. While the Senate is loaded with conservative support, Shelton will likely be chastised for her economic views on the gold standard and her former lashings of the Fed.
Additionally, it is likely that if the U.S. were to take the unlikely step of god standard implementation, the global economy would crash for at least a brief period of time. And that, my friends, is why we always make sure our prepper supplies are stored.
Author: Jim Satney
PrepForThat’s Editor and lead writer for political, survival, and weather categories.