Senate Gives Trump Fed Pick a Big Thumbs Down

There was a time when appointing people to the Federal Reserve Board wasn’t just uncontroversial, it was downright boring. But in an age when the central bank is printing trillions of dollars to prop up the economy and backstop the stock markets, essentially reinforcing the wealth machine on Wall Street, people take a very keen interest in who gets to vote on monetary policy.

Apparently, enough Senators were uncomfortable with the views expressed by Trump’s latest pick Judy Shelton that they decided to take a pass. Senator John Thune tweeted that, even though her name survived in the Senate Banking Committee, she doesn’t have the votes necessary in the full Senate to win confirmation.

Shelton’s monetary sin is that in the past she’s expressed support for a hard-money financial system, like a system based on gold.

Those are fighting words to Congressmen who live to spend newly-printed cash. While it’s nice to think of a Congress required to live within its means, it’s very unlikely. Any nation returning to a hard money currency, while other nations allowed their currency to float, would immediately be subjected to wild swings in the international markets, which isn’t good for anyone.

 

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Comments (4)


  1. WALTER FLATT
    Reply

    THESE PEOPLE ARE IDIOTS, THEY CAN DO NOTHING ABOUT THE WORLD CHANGING BY SPENDING BILLIONS, ALL THEY HAVE TO DO IS CLEAN UP OUR FORREST’S BY PUTTING THE IDIOTS THAT ARE RIOTING OUT IN THE FORREST AND CLEANING IT UP, NO PAY, JUST FOOD AND WATER, PERHAPS THIS WOULD TEACH THIS SOMETHING. GERMANY HAS FORREST’S AND THEY ARE CLEAN, ENGLAND’S PEOPLE KEEP THEIR SIDEWALKS WASHED AND CLEANED. WE COULD LEARN OUR RIOTERS A BIG LESSON, HOW TO WORK FOR A LIVING.

  2. Statesman Patriot
    Reply

    Hard money currency (backed by gol or other precious metals) is the only solid way to control spending. Our currency today is fiat money that has nothing to back it. Every dollar we have isn’t worth anything if the Feds say so, in the blink of an eye!

  3. Alicia Bird
    Reply

    I wish the Democrats are crazy and they should have their Thumbs Down!!!! Leave Trump alone and respect him! He is our President!!!

  4. Ernst
    Reply

    Anything that decreases the spendthrift capabilities of Congress is doomed to fail. This bodes ill for the American Republic. Judy Shelton might have been a voice of reason in an echoing canyon of fiscal insanity.

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