Dems Pass the Blame: Are Nancy Pelosi’s Days as Speaker Numbered? And it is not clear that she has completely ditched her support of a gold standard. Mr. Powell’s term expires in early 2022. Please respect our republishing guidelines - Click Here, Trump’s Cut of the 2020 Popular Vote Powers Past 2016. Concern within the Senate Banking Committee was obvious during its protracted consideration. Liberty Nation is a trusted source for Conservative news with original commentary. It has also, commendably, remained largely free of partisanship. Until then, with a Republican-controlled Senate, the odds of her being given a seat at the Fed are high. “She says one thing in the world, and does a different thing here.”. When her name reaches the full Senate floor, four Republicans must find the courage to join the Democrats in voting no and rebuffing her appointment. Yet Ms. Shelton’s track record is packed with incongruities, ones that have raised eyebrows among Senate Republicans, imperiling her nomination to take one of seven seats on the Fed’s board in Washington. Waller has lamented hikes to interest rates, and, if confirmed, he will likely support keeping rates low. The so-called dove had worked intimately with St. Louis Fed Bank President James Bullard and helped shape his “view about the U.S. shifting into a low growth, low inflation and interest regime,” says Kathy Bostjancic, an economist at Oxford Economics. Her career mostly has been spent working at free-market policy think tanks, writing a book about the crash of the Soviet Union, and composing papers about money – including a currency backed by gold. Her long opposition to low-interest rates notwithstanding, last year she flip-flopped to Trump’s view that low rates are, in fact, a great idea. For starters, had Shelton’s prescriptions been followed, the Fed’s response to the arrival of the virus would have been disastrously wrong instead of extraordinarily constructive. Judy Shelton in Washington on May 29. Judy Shelton, a longtime Federal Reserve critic and gold standard fan, could soon clinch a job on the Fed board.
What’s Ahead for the Post-Election Economy? She told CNBC that July that the Fed should not “pull the rug out from under” Americans who were invested in the stock market. Senator Lamar Alexander, Republican of Tennessee, has indicated that he would like to wait until after Congress passed a new coronavirus spending package to vote on her nomination. 2020 Election Shenanigans: Fact or Fiction? The nominee in question — Judy Shelton, known for taking long-discredited positions on the monetary system — makes Trump’s earlier rejected choices seem almost conventional. Ms. Shelton testifying at a Senate Banking Committee hearing in February. Heaven help us if Judy Shelton joins the Fed. Mr. Snead owns a farm just up the road from Moss Neck Manor, which Ms. Shelton and her husband have owned since 2005. Election 2020 He also writes about economics at Economic Collapse News and commodities at EarnForex.com. President Trump’s latest nominee could be a breath of fresh air at the Fed.
Remember, it could always be worse: The Fed could add another bland, stuffed-shirt, milquetoast, and classically trained economist or Wall Street banker to the board. If You Think Amy Coney Barrett Is Extreme, Meet Judy Shelton If You Think Amy Coney Barrett Is Extreme, Meet Judy Shelton Trump’s nominee to the Federal Reserve has gotten a lot less publicity. She maintains a contrarian stance to the 3×5 card of allowable opinions that would make policymakers uncomfortable, a fact conceded by … She spent years criticizing low rates and easy money, but had a change of heart once Mr. Trump was elected. Mr. Silver said in an email that his problems with the Sheltons had been resolved.
That included a sharp reversal on low interest rates. Credit...Erin Schaff/The New York Times.
Regrettably, after much hesitation and with evident reluctance even from Republicans, the Senate Banking Committee voted Tuesday to advance Shelton’s nomination to the full Senate. What do we have to lose?
The skyline of downtown St. Paul seen from Raspberry Island. Mr. Kudlow supported Ms. Shelton’s nomination to the Fed and pushed to get her through the Senate Banking Committee, where Republicans initially expressed concern about her changing views. Her view that interest rates should be “rules based” would have prevented the central bank’s emergency cuts. Mr. Snead ultimately retained his permit to build the sand and gravel mine but has not yet done so. Ms. Shelton, 66, earned a doctorate in business at the University of Utah and in 1985 joined the Hoover Institution at Stanford University, where she focused on the nature of money and wrote about the coming crash of the Soviet Union (which she advised to pursue a gold-backed ruble). And Mr. Trump still “strongly backs” Ms. Shelton for the board, the White House economic adviser Larry Kudlow told The New York Times last week. Creatures in the Swamp have occupied the central bank for much of its history, but a new face might emerge at a future Federal Open Market Committee (FOMC) meeting and take a hammer to traditional thinking. “I’ve gotta see where she’s at on a lot of other stuff, but this is not necessarily something that I would give her high marks for,” added Tester. She spoke similarly about money moving “forward” in a 2012 interview before offering a detailed plan for how the government could gradually make a transition to a new gold standard by issuing Treasury bonds that eventually converted to the commodity. On the one hand, they may be apprehensive over her support for supply-side monetary policy, a tactic of greasing the wheels of trade by injecting markets with liquidity. “My major concern is that I don’t think that she will be independent enough,” Ms. Collins said last week. Ms. Shelton did not respond to emailed requests for comment for this article. Trump's latest unqualified nominee to the Federal Reserve Board must be rejected. Libertarians critical of the Fed might be split on Shelton. The nominees of past presidents, Democrats and Republicans alike, have chosen to work collegially and without personal agendas to fulfill its critical mission. And though she has been a career-long champion for the gold standard, she downplayed that view during her bid to secure confirmation. Ms. Shelton and her husband have also tried repeatedly to squash other proposed mines that they viewed as a threat to their bucolic community, which borders the Rappahannock River. Shelby is the chairman of the Senate Banking Committee, and Tester is a member. The Federal Reserve is an indispensable player in managing our economy. She also reversed course on pushing for a currency anchor. Money Meltdown: Restoring Order to the Global Currency System. Here are 14 great ones, Lakeville company recalls treestands after 2 users fall, break bones, GOP recruited pot-party candidate to 'pull votes' from DFLer, he said, Biden on the brink, one state victory from the White House, How the world views the U.S. election: Not pretty, Trump's election lawsuits are legally hollow, An election dispute will require a mediator, Despite politics, despite COVID, this is a wonderful time to be alive, A COVID survivor's long, uncertain journey. This political maneuvering could apply to monetary policy as well. Her past writings featured lamentations on the current monetary system, quantitative easing, and the overall central banking institution. “Judy Shelton is a great choice picked by President Trump,” he added. By rigidly fixing prices to a single commodity, a gold standard exaggerates economic swings, on balance for the worse. As recently as 2018, Ms. Shelton made a case that Mr. Trump had hinted at his support for gold, that his administration could undertake global monetary reform, and that doing so would restore “fiscal discipline” — not overspending out of government coffers.