Clueless (?) Gold Hater Calls Cruz Idiotic for One-Time Advocacy of a Dollar Backed by Gold

Phil Swagel, who is a Republican government technocrat (He has worked as  Assistant Secretary of the Treasury for Economic Policy, worked on TARP,  worked at the Federal Reserve, the International Monetary Fund, and the White House Council of Economic Advisors) and once told me he didn't know what a gold swap was, sent out a tweet last night calling Ted Cruz's one-time call for a dollar gold standard idiotic.

Cruz tiptoes away from his idiotic proposal of tying dollar to gold (which would let China, Russia, and others set US monetary policy).

— Phillip Swagel (@pswagel) February 18, 2016

This is coming from a guy who didn't know what the Fed's monetary growth policy was during the summer of 2008 just before the financial crisis, when he was Treasury Secretary Hank Paulson's top economic advisor.

Maybe he should be wondering why China and Russia are accumulating so much gold. Maybe they don't have as much confidence in the Federal Reserve as he does.

 -RW