Tuesday, January 21, 2020 11:14:54 PM
6,711 views Jan 21, 2020
Kitco NEWS
89.8K subscribers
The world needs another hard currency to anchor its financial system on,
but a full gold standard today would put too much power in the hands of
a small group of miners and engineers, this according to financier and
media mogul Conrad Black.
“My idea is somewhat similar to Keynes, who in most respects I don’t
agree with, but a gold/oil consumer basket of some sort,” Black told
Kitco News on the sidelines of the Vancouver Resource Investment
Conference.
https://www.youtube.com/watch?v=wkbF50_NgRE
Trump Nominates Gold Advocate Judy Shelton for the Fed
ANALYSIS | Published Jan 19, 2020 23:05 (+00:00)
Share on Twitter Share on Facebook Share on Linkedin
Trump nominated Judy Shelton, a gold standard advocate, for the Fed.
She faces an uphill battle.
Could Trump's Next Fed Chair Be A "Goldbug?"
Judy Shelton is an American economic advisor to President Donald Trump.
She is known for her advocacy for a return to the gold standard and for
her criticisms of the Federal Reserve.
The Mises Institute asks Could Trump's Next Fed Chair Be A "Goldbug?"
This week, Donald Trump formally nominated Judy Shelton and Christopher
Waller for vacant governorships on the Federal Reserve.
Waller, the Vice President of the Richmond Fed, is widely viewed as a
standard Fed nominee with the reputation of being a "dove" who has
criticized recent interest rate hikes.
It is Judy Shelton who is particularly interesting.
A former campaign adviser for Trump, Shelton has
been a vocal Fed critic who has praised the gold standard in the past.
While has recently advocated for lower interest rates, she has also been
a critic of the Fed's policy of paying interest on excess reserves that
has become a key policy tool since 2008.
Shelton's nomination is also interesting due to her background standing
in stark contrast to most of her colleagues.
The bad news is that she leans heavily toward supply-side economics,
which is deeply flawed on monetary policy. Like most supply-siders, the
position she advocates may be summed up in the motto,
“I favor sound money—and plenty of it.”
Still, though by no means an Austrian, Shelton's voice on the Fed would
create some much needed ideological diversity to the central bank.
Shelton Slams Bank’s ‘Soviet’ Power Over Markets
Please consider Shelton Slams Bank’s ‘Soviet’ Power Over Markets
“How can a dozen, slightly less than a dozen, people meeting eight times a year, decide what the cost of capital should be versus some kind of organically, market supply determined rate? The Fed is not omniscient. They don’t know what the right rate should be. How could anyone?” said Shelton.
That paragraph is all you need to read to understand Shelton is an exceptionally good nomination and far more competent than anyone on the Fed.
Obstacles to Confirmation
She is an excellent candidate. Unfortunately, Shelton Faces Obstacles to Confirmation.
One of the obstacles is there cannot be two people from the same district. Fed Governor Lael Brainard is from the same Richmond region.
I suspect Trump will easily find a way around the region obstacle. The second and far more important obstacle is the Senate may not confirm a gold advocate.
Cowen analyst Jaret Steinberg said there are enough flash points to keep her from being seated. “Shelton would be a perfect fit as she would be a Trump loyalist who won Senate confirmation,” Steinberg said in a note. “We suspect there are enough Republicans who question her views on the gold standard and on excess reserves to put her confirmation in real doubt. To us, the Senate is unlikely to reject her nomination. The most likely outcome is that it just never votes to confirm her.”
In contrast, Greg Valliere, chief global strategist at ABF and a veteran authority on Washington’s impact on Wall Street opined, “Her views are a little exotic, but I think she’s got a pretty good chance of making it.”
Mainstream Resistance
Trump nominated Shelton last year, but nominations expire at the end of the year. So this is the second time Trump tried to appoint Shelton.
Last August, when Shelton's name first came up, Austrian economist Robert Murphy noted The Econ Establishment Teams Up To Denounce Judy Shelton.
Ever since President Trump nominated Judy Shelton to the Federal Reserve Board, the economics establishment has been letting Americans know just how crazy she (allegedly) is. And to illustrate that the establishment is bipartisan, the condemnation of Shelton has come from both the left and the right. For example, an American Enterprise Institute fellow has an article in The Hill warning of “Trump’s bizarre Federal Reserve nomination,” while National Review’s resident monetary wonk, Ramesh Ponnuru, wrote in Bloomberg that Shelton not only has a history of pushing very bad policies, but now is apparently flip-flopping just to get the job. And on Twitter, an econ-watcher has a long thread detailing all of the self-evidently nutjob positions Shelton has advanced over the years. Why, she’s not just for the gold standard, but she’s against FDIC! And she thinks the Fed’s 2% (price) inflation target erodes your property rights. Can you imagine?!
Shelton has long favored some form of commodity backing of the dollar, including praise for the historical gold standard. (In his column offering qualified praise for Shelton, Joe Salerno pointed out that in her writings, Shelton has unfortunately failed to distinguish the true classical gold standard from the much more dubious Bretton Woods framework.)
Diversity at the Fed Needed
On January 3, I commented Allegedly, There is a Gender Gap in Economics
Instead of more women or blacks on the Fed, I suggest we try actual diversity of economic opinion and not gender for gender's sake.
What's most needed on the Fed is an Austrian economist who proposes dissolving it. That would be diversity.
Instead, expect more group think nonsense about race and the Phillips Curve.
Good Ole Boy Network
To become a Fed president you have to think, believe, and act like a good ole boy.
Janet Yellen is best not thought of as a woman, but rather a good ole boy.
Shelton Precisely Needed
If people really wanted diversity, they would see Shelton as an excellent choice. But diversity is nothing but lip service about gender and race.
Diversity ought to be about opinions.
Murphy provides an excellent point-by-point analysis of what Shelton has right and wrong. but the bottom line is a point I made above: "Shelton is an exceptionally good choice and far more competent than anyone on the Fed."
This material is based upon information that Sitka Pacific Capital
Management considers reliable and endeavors to keep current, Sitka
Pacific Capital Management does not assure that this material is
accurate, current or complete, and it should not be relied upon as
such.
In GOD We Trust -
https://www.kitco.com/images/live/silver.gif?0.8344882022363285
http://www.kitconet.com/images/live/au0001wb.gif
Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
God Bless America
Ps.
opinion appreciated
TIA
Recent GOLD News
- Barrick On Track to Achieve 2024 Targets • GlobeNewswire Inc. • 04/16/2024 11:00:00 AM
- Notice of Release of Barrick’s First Quarter 2024 Results • GlobeNewswire Inc. • 04/09/2024 11:00:00 AM
- Strategy-Driven Barrick Builds on Value Foundation • GlobeNewswire Inc. • 03/28/2024 09:20:38 PM
- Barrick Hunts New Gold and Copper Prospects in DRC From Kibali Base • GlobeNewswire Inc. • 03/20/2024 02:00:00 PM
- Barrick Opens Academy at Closed Buzwagi Mine • GlobeNewswire Inc. • 03/18/2024 08:00:00 AM
- Barrick to Grow Production and Value on Global Asset Foundation • GlobeNewswire Inc. • 03/15/2024 11:53:01 AM
- Loulo-Gounkoto Delivers Another Value-Creating Performance • GlobeNewswire Inc. • 03/10/2024 10:00:00 AM
- Passing of the Right Honorable Brian Mulroney • GlobeNewswire Inc. • 03/02/2024 01:17:35 AM
- Kibali and DRC Partner to Promote Local Content • GlobeNewswire Inc. • 03/01/2024 02:22:43 PM
- Tanzanian Parliamentary Committee Lauds Barrick’s Work at North Mara • GlobeNewswire Inc. • 02/23/2024 12:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/14/2024 10:28:08 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/14/2024 08:05:25 PM
- Clear Strategies and Strong Partnerships Set Barrick Up to Outperform, Says Bristow • GlobeNewswire Inc. • 02/14/2024 11:00:00 AM
- Barrick Announces New Share Buyback Program • GlobeNewswire Inc. • 02/14/2024 10:59:00 AM
- Barrick Declares Q4 Dividend • GlobeNewswire Inc. • 02/14/2024 10:58:00 AM
- NGM Strongly Positioned for Growth • GlobeNewswire Inc. • 02/10/2024 01:00:16 AM
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 02/08/2024 03:03:08 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/08/2024 12:46:55 PM
- Geologically Driven Asset Management Delivers Barrick’s Third Successive Year of Reserve Growth at Sustained Quality, While Unlocking Embedded Growth Portfolio • GlobeNewswire Inc. • 02/08/2024 12:00:00 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/01/2024 06:04:56 PM
- Africa’s Largest Gold Mine Now Also One of Its Greenest • GlobeNewswire Inc. • 01/29/2024 04:00:00 PM
- Barrick Continues to be a Major Value Creator for Mali • GlobeNewswire Inc. • 01/27/2024 09:00:00 AM
- Barrick’s Lumwana Super Pit Project On Track for First Production in 2028 • GlobeNewswire Inc. • 01/23/2024 03:35:00 PM
- Barrick’s Tanzanian Mines on Tier One Track With Potential for Extending Lives, Growing Production • GlobeNewswire Inc. • 01/21/2024 12:00:00 PM
- New Airport Terminal at Kahama Airstrip to Leave Lasting Legacy at Barrick’s Buzwagi Gold Mine • GlobeNewswire Inc. • 01/21/2024 08:00:00 AM
Bantec Reports an Over 50 Percent Increase in Sales and Profits in Q1 2024 from Q1 2023 • BANT • Apr 25, 2024 10:00 AM
Cannabix's Breath Logix Alcohol Device Delivers Positive Impact to Private Monitoring Agency in Montana, USA • BLO • Apr 25, 2024 8:52 AM
Kona Gold Beverages, Inc. Announces Name Change to NuVibe, Inc. and Initiation of Ticker Symbol Application Process • KGKG • Apr 25, 2024 8:30 AM
Axis Technologies Group and Carbonis Forge Ahead with New Digital Carbon Credit Technology • AXTG • Apr 24, 2024 3:00 AM
North Bay Resources Announces Successful Equipment Test at Bishop Gold Mill, Inyo County, California • NBRI • Apr 23, 2024 9:41 AM
Epazz, Inc.: CryObo, Inc. solar Bitcoin operations will issue tokens • EPAZ • Apr 23, 2024 9:20 AM