This is the moment those filthy gold insects have been waiting for — one of their own seizing the Federal Reserve and slapping America back to sober with the gold standard. Trump has nominated Judy Shelton to the Fed board, someone who penned the blasphemous booked titled “Money Meltdown”. And I quote: “Central bankers, and their defenders, have proven less than omniscient.”
Her recent WSJ Oped:
Since President Trump announced his intention to nominate Herman Cain and Stephen Moore to serve on the Federal Reserve’s board of governors, mainstream commentators have made a point of dismissing anyone sympathetic to a gold standard as crankish or unqualified.
But it is wholly legitimate, and entirely prudent, to question the infallibility of the Federal Reserve in calibrating the money supply to the needs of the economy. No other government institution had more influence over the creation of money and credit in the lead-up to the devastating 2008 global meltdown. And the Fed’s response to the meltdown may have exacerbated the damage by lowering the incentive for banks to fund private-sector growth.
What began as an emergency decision in the wake of the financial crisis to pay interest to commercial banks on excess reserves has become the Fed’s main mechanism for conducting monetary policy. To raise interest rates, the Fed increases the rate it pays banks to keep their $1.5 trillion in excess reserves—eight times what is required—parked in accounts at Federal Reserve district banks. Rewarding banks for holding excess reserves in sterile depository accounts at the Fed rather than making loans to the public does not help create business or spur job creation.
Meanwhile, for all the talk of a “rules-based” system for international trade, there are no rules when it comes to ensuring a level monetary playing field. The classical gold standard established an international benchmark for currency values, consistent with free-trade principles. Today’s arrangements permit governments to manipulate their currencies to gain an export advantage.
Money is meant to serve as a reliable unit of account and store of value across borders and through time. It’s entirely reasonable to ask whether this might be better assured by linking the supply of money and credit to gold or some other reference point as opposed to relying on the judgment of a dozen or so monetary officials meeting eight times a year to set interest rates. A linked system could allow currency convertibility by individuals (as under a gold standard) or foreign central banks (as under Bretton Woods). Either way, it could redress inflationary pressures.
Here’s Dr. Shelton discussing treasury debt instrument with a gold convertibility feature — aka FUCKING GOLD STANDARD. Holy fucking shit. Watch that clip I linked.
Gold is on the cusp of a massive breakout. It’s gonna happen this year, believe me.
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Perhaps this is Trump’s way of pressuring Fed to cave into his wishes …a negotiating tactic …not a serious nomination. The last thing he wants as 2020 approaches is a responsible Fed and an adjustment to sound money.
he needs to do it before the chinese do
That is the only explanation that makes sense other than he is just insane. Everything he does is contradictory to himself. He’s either a genius or a programmer random chaos generator.
I just finished listening ? to Peter’s podcast and he told me the best performing market is the GOLD MARKET. We all need to tune in Peter coins vaults bars depositories and tune out fiat derivatives debt leverage OUT WITH THE NEW IN WITH THE OLD.
You go girl.