By Jared Dillian via Iris.xyz.
President Trump recently nominated Judy Shelton to the Federal Reserve Board of Governors. She is the United States director for the European Bank for Reconstruction and Development, which I had never heard of until her nomination.
Shelton is a Republican and believes in the adoption of a gold standard. She currently believes in lowering interest rates, after spending the Obama years criticizing the Fed for lowering interest rates.
You may wonder how a person can be in favor of a gold standard and also for lowering interest rates at the same time.
I am wondering that, too.
I think some folks had fun with Dr. Shelton’s Wikipedia page, because it says: “Before Trump became president, she was a longtime advocate for free trade, but after he became president, she supported his administration’s trade war with China.”
We seem to have a case of someone being ideologically inconsistent in order to secure professional advancement. The slang for this is “selling out.”
Or, maybe she had an ideological transformation—maybe she really does believe in zero interest rate policy (ZIRP) and negative interest rate policy (NIRP) and a gold standard all at the same time.
But that would be impossible.
The confirmation hearings are going to be interesting.
Of course, failed Fed nominees Stephen Moore and Herman Cain also believed in hard money and soft money simultaneously. Where do these people come from? They didn’t exist a few years ago.
Read the full article at Iris.xyz.