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Thread: Gold Surges After Trump Nominates Gold Standard Advocate Judy Shelton To Fed Board

  1. #1

    Gold Surges After Trump Nominates Gold Standard Advocate Judy Shelton To Fed Board

    After several unsuccessful attempts to put his preferred candidates on the Fed's board, moments ago Donald Trump announced that he intends to nominate Christopher Waller, who is currently the Executive VP and Director of Research, at the St. Louis Fed, to the board of the Federal Reserve. Prior to his current position, Christopher served as a professor and Chair of Economics at Notre Dame.
    ....Prior to his current position, Christopher served as a professor and Chair of Economics at Notre Dame.
    — Donald J. Trump (@realDonaldTrump) July 2, 2019
    For those who haven't heard of Waller before, it's hardly a shock: it appears to be his intention to keep a low profile.

    This is what we do know about Waller, from his St Louis Fed profile:
    He received his B.S. in economics from Bemidji State University in 1981, and his M.A. and Ph.D. from Washington State University in 1984 and 1985, respectively. His principal research interests are monetary theory, political economy and macroeconomic theory.
    Prior to joining the Fed as research director in June 2009, Mr. Waller served as a professor and the Gilbert F. Schaefer Chair of Economics at the University of Notre Dame. He was also a research fellow with Notre Dame's Kellogg Institute for International Studies.
    From 2006 to 2007, he served as the acting department chair for Notre Dame's Department of Economics and Econometrics. From 1998 to 2003, Mr. Waller was a professor and the Carol Martin Gatton Chair of Macroeconomics and Monetary Economics at the University of Kentucky. During that time, he was also a research fellow at the Center for European Integration Studies (ZEI) at the University of Bonn. From 1992-1994, he served as the director of graduate studies at Indiana University's Department of Economics, where he also served as associate professor (1992 to 1998) and an assistant professor (1985 to 1992).
    However, the reason why gold is spiking after hours, is that shortly after tweeting the Waller nomination, Trump also confirmed the previously rumored nomination of Judy Shelton to the Fed board:
    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 Judy is a Founding Member of the board of directors of Empower America and has served on the board of directors of Hilton Hotels.
    ....Judy is a Founding Member of the board of directors of Empower America and has served on the board of directors of Hilton Hotels.
    — Donald J. Trump (@realDonaldTrump) July 2, 2019
    Courtesy of Mish Shedlock we previously profiled Shelton, a Trump economic advisor and a gold standard advocate:
    ....Judy is a Founding Member of the board of directors of Empower America and has served on the board of directors of Hilton Hotels.
    — Donald J. Trump (@realDonaldTrump) July 2, 2019

    This is what Bloomberg reported back in May: "The White House is considering conservative economist Judy Shelton to fill one of the two vacancies on the Federal Reserve Board of Governors that President Donald Trump has struggled to fill. She’s currently U.S. executive director for the European Bank for Reconstruction and Development, and previously worked for the Sound Money Project, which was founded to promote awareness about monetary stability and financial privacy."
    On April 21, Judy Shelton had an op-ed in the Wall Street Journal: The Case for Monetary Regime Change.
    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.
    Judy Shelton is author of the 1998 book Money Meltdown; and previously she had concluded that "Central bankers, and their defenders, have proven less than omniscient."


    More at: https://www.zerohedge.com/news/2019-...lton-fed-board
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment



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  3. #2
    The Fed has no say on adopting a gold standard- that is up to Congress.

    Gold Surges
    Currently up 1.8%! What a surge!

    Trump just wants somebody who will inflate the money supply (something people who favor a gold standard say they don't want). She doesn't think the Fed should be so independent and should follow presidential requests.

    https://markets.businessinsider.com/...9-7-1028326302

    While Shelton would get just one vote on the Federal Open Market Committee, she made clear what her position toward policy would be in an interview with The Washington Post last month: "I would lower rates as fast, as efficiently, as expeditiously as possible."
    She believes in a North American Currency for Canada, the US, and Mexico. In 2001 she wrote an OpEd in the Wall Street Journal titled "North America Doesn't Need Borders"



    She once argued against using currency manipulation to support trade.

    https://www.cato.org/cato-journal/sp...onetary-system

    The currency disorder that reigns today is anathema to any notion of free and fair trade. Nations can blatantly target the exchange rate they desire—in pursuit of strategic objectives. Deliberate depreciation is used to boost exports; it’s the customary definition of currency manipulation.
    Now she wants to promote a weak dollar to boost US trade and free money to boost the economy even more- inflate that bubble even more.

    The political imperative for President Trump derives from both his criticism of domestic monetary policy and his identification of currency manipulation as a violation of free trade principles. As a candidate, he acknowledged that the extraordinarily low interest rates of accommodative monetary policy were punitive for ordinary savers—they were “getting creamed”—even as developers such as himself had access to extremely low-cost funding from banks (Davidson and Taylor 2016). As an experienced businessman, Trump also expressed disapproval of the Federal Reserve for fueling “a big fat ugly bubble” in financial markets through low interest rates (Crutsinger 2017).
    Trump hated low interest rates. Now he loves them and wants them even lower.
    Last edited by Zippyjuan; 07-02-2019 at 07:22 PM.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  4. #3
    http://www.ronpaulforums.com/showthr...-money-is-done

    Called it years ago. This was all planned and is following a script.
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    Visiting the Outer Banks of NC?
    Outer Banks NC Fishing Boat Rentals

  5. #4
    Bob Wenzel has a an excellent analysis up at his website. He considers Shelton to be a crazed money printer. Shelton is known as a supply-sider who has repeatedly called for the fed to print money in order to solve various financial crises. https://www.economicpolicyjournal.co...l-reserve.html

  6. #5
    Quote Originally Posted by devil21 View Post
    http://www.ronpaulforums.com/showthr...-money-is-done

    Called it years ago. This was all planned and is following a script.
    Sorry to burst your bubble you didn’t call sht and that link you just provided as proof, proves nothing and has nothing to do with the premise of this thread.

  7. #6

  8. #7
    Quote Originally Posted by UWDude View Post
    Pfft, Hillary wanted the gold standard too. Remember?
    You don't understand.
    Returning to the gold standard is all part of an evil plot.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  9. #8
    Quote Originally Posted by Swordsmyth View Post
    You don't understand.
    Returning to the gold standard is all part of an evil plot.
    Maxine Waters is against facebooks cryocurrency. What kind? I don't get it. What's a currency? Anyways, she says Facebook Libracoin bad, so must be good.
    Wonder who the whale investor was who got this run started?



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  11. #9
    Quote Originally Posted by eleganz View Post
    Sorry to burst your bubble you didn’t call sht and that link you just provided as proof, proves nothing and has nothing to do with the premise of this thread.
    Yeah, I was totally off the mark "predicting" a gold monetary backing being reintroduced and that has nothing to do with alleged gold bugs being installed into public facing positions at the Fed. What was I thinking, those two things related? Pssh. Thanks for setting me straight.

    (You'll learn one day that all this stuff is planned years in advance. Or maybe you won't. Some people have real trouble letting go of the beautiful lies they have been taught over their lifespan.)


    Quote Originally Posted by Swordsmyth View Post
    You don't understand.
    Returning to the gold standard is all part of an evil plot.
    Evil plot or not, it's all planned years in advance and that directly counters you Trumpkin's claims that Trump is responsible for any of it. He's not. He's a PR guy. Wake up.

    Quote Originally Posted by UWDude View Post
    Maxine Waters is against facebooks cryocurrency. What kind? I don't get it. What's a currency? Anyways, she says Facebook Libracoin bad, so must be good.
    Wonder who the whale investor was who got this run started?
    Same playbook that made you accept a NYC Billionaire life-long Democrat as a MAGA Republican. If the left claims to hate it, you folks will reflexively love it. It's so easy to train humans...
    Last edited by devil21; 07-07-2019 at 11:25 AM.
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    Visiting the Outer Banks of NC?
    Outer Banks NC Fishing Boat Rentals

  12. #10
    Quote Originally Posted by devil21 View Post
    Yeah, I was totally off the mark "predicting" a gold monetary backing being reintroduced and that has nothing to do with alleged gold bugs being installed into public facing positions at the Fed. What was I thinking, those two things related? Pssh. Thanks for setting me straight.

    (You'll learn one day that all this stuff is planned years in advance. Or maybe you won't. Some people have real trouble letting go of the beautiful lies they have been taught over their lifespan.)
    It would not matter if even all of the Federal Reserves were "gold bugs". They have no say on what the US uses for money. Congress would have to approve the move back to a gold standard. How many "gold bug" members of Congress are there?

    Herman Cain and Stephen Moore were previously suggested Trump nominees to the Federal Reserve who favored a gold standard but they never got the job- if Shelton gets on, she would be the only one. Reagan nominated a commission to look into the idea but it went nowhere. Trump cares more about her free money ideas to keep the economy soaring (and making him look good) than her gold standard ones.
    Last edited by Zippyjuan; 07-07-2019 at 11:30 AM.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  13. #11
    Quote Originally Posted by Zippyjuan View Post
    It would not matter if even all of the Federal Reserves were "gold bugs". They have no say on what the US uses for money. Congress would have to approve the move back to a gold standard. How many "gold bug" members of Congress are there?

    Herman Cain and Stephen Moore were previously suggested Trump nominees to the Federal Reserve who favored a gold standard but they never got the job- if Shelton gets on, she would be the only one. Reagan nominated a commission to look into the idea but it went nowhere. Trump cares more about her free money ideas to keep the economy soaring (and making him look good) than her gold standard ones.
    First, if both Zippy AND the Trumpkins are attacking me then I must be doing something right! The topic has stepped outside of the false left/right paradigm and into real world of the banker's planning and that's a no-no.

    Just to respond to your post briefly, Fed officials are the most public facing of monetary officials and are in charge of managing public perception. Congress is full of puppets and does whatever they're told to do. Just compare how much a Fed official's comments move markets compared to a Congresscritter's comments, then tell me again that Fed officials don't matter, only Congress does lol.
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    Visiting the Outer Banks of NC?
    Outer Banks NC Fishing Boat Rentals

  14. #12
    Quote Originally Posted by devil21 View Post
    First, if both Zippy AND the Trumpkins are attacking me then I must be doing something right! The topic has stepped outside of the false left/right paradigm and into real world of the banker's planning and that's a no-no.
    + Rep

    I wonder how they are going to wrap their heads around this:

    http://www.ronpaulforums.com/showthr...Global-Compact
    “The right to life is the source of all rights—and the right to property is their only implementation. Without property rights, no other rights are possible. Since man has to sustain his life by his own effort, the man who has no right to the product of his effort has no means to sustain his life. The man who produces while others dispose of his product, is a slave.”

    Read the RPF trolls' playbook here (post #3)

  15. #13
    Quote Originally Posted by devil21 View Post
    First, if both Zippy AND the Trumpkins are attacking me then I must be doing something right! The topic has stepped outside of the false left/right paradigm and into real world of the banker's planning and that's a no-no.

    Just to respond to your post briefly, Fed officials are the most public facing of monetary officials and are in charge of managing public perception. Congress is full of puppets and does whatever they're told to do. Just compare how much a Fed official's comments move markets compared to a Congresscritter's comments, then tell me again that Fed officials don't matter, only Congress does lol.
    The ultimate conspiracy theorist- if they are trying to prove me wrong, I must be right!
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  16. #14
    Quote Originally Posted by PAF View Post
    + Rep

    I wonder how they are going to wrap their heads around this:

    http://www.ronpaulforums.com/showthr...Global-Compact
    They won't. It'll be ignored, of course and the topic slid off the page by much more pressing information like who said what about whom in a tweet.
    "Let it not be said that we did nothing." - Ron Paul

    The entire internet is the domain of paid shills and bots. If you don't know this by now....

    Israel, under control of the Crown and, ultimately, the Vatican, own the USA. If you don't know this by now....

    Talk to people about liberty. You won't find it on websites, you won't find it in politicians.

    Visiting the Outer Banks of NC?
    Outer Banks NC Fishing Boat Rentals

  17. #15
    Quote Originally Posted by devil21 View Post
    First, if both Zippy AND the Trumpkins are attacking me then I must be doing something right! The topic has stepped outside of the false left/right paradigm and into real world of the banker's planning and that's a no-no.

    Just to respond to your post briefly, Fed officials are the most public facing of monetary officials and are in charge of managing public perception. Congress is full of puppets and does whatever they're told to do. Just compare how much a Fed official's comments move markets compared to a Congresscritter's comments, then tell me again that Fed officials don't matter, only Congress does lol.
    I was told what was planned by someone in a position to know. have fun deflecting it while it fulfills! frustrating job im sure.
    Can you share just what his position is? What part of the government does he work for? When is is supposed to happen? How many members of Congress does he have lined up to push the legislation through? Somebody you know of personally or heard about on the internet?
    Last edited by Zippyjuan; 07-07-2019 at 01:10 PM.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.



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