Friday, November 13, 2020



Judy Shelton

Senate Majority Leader Mitch McConnell has set up a vote on President Trump's controversial Federal Reserve nominee Judy Shelton. 

McConnell included Shelton’s nomination to be a Fed board governor along with several judicial nominees he announced on the Senate floor he was moving forward with, according to Dow Jones.

Sen. John Cornyn, a Texas Republican, said a vote on Shelton could come as soon as next week.

Shelton is more erratic than Trump himself.

Shelton is often portrayed by the media as pro-gold but her thinking on the subject is much more confused and tangled than that. I don't think anyone knows what she would bring to the current mad money printing Fed. See: The Wacky Monetary Policy Thinking of Judy Shelton and Does Judy Shelton Really Want the Fed to Push Interest Rates to Zero AND a Gold Standard?

As The New York Times states:

One question that analysts are pondering is what version of Ms. Shelton will show up for work at the Fed if she gets the job: A gold standard proponent, or not? A supporter of low rates, as she has been during Mr. Trump’s administration, or an inflation hawk?

One governor is not going to make much difference but I would like to see a consistent sound money advocate on the board who would get in the habit of writing dissenting opinions against the mad printers. Shelton does not appear to have the consistent thinking to be that person. I am hoping beyond hope that she will surprise me.

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