Former Cato Institute president and Ex-BB&T chief John Allison just told CNBC that it's no longer practical to have a gold standard, though, he is in favor of it on a "theoretical" level. a position he once held.
"There are a lot of gold bugs out there some are not very sophisticated," he said.
Imagine my surprise.
Allison met yesterday with Donald Trump and is under consideration for the Treasury Secretary position in the Trump administration.
The Koch brothers are co-founders of the Cato Institute. Allison remains on the Board of Directors.
It doesn't sound like Allison is in favor of ending the Fed either.
Note: This is a corrected version. Early reports said that Allison said it was no longer practical to end the Fed and he did seem to imply that. He, in fact, said that a gold standard was no longer practical.