|Unleash Prosperity Hotline|
|1) Who’s Afraid of Judy Shelton?|
On Tuesday, the U.S. Senate shamefully fell one vote short of confirming Judy Shelton for the Federal Reserve Board. Few people are as uniquely-qualified to sit on the Fed board. She has been a monetary expert for four decades and understands the core principle that printing money does not lead to growth. In a perfect world Shelton would be Fed chairman, but to say that would further agitate the left. They are so fearful of Judy that the Democrats shuttled Kamala Harris from Delaware to Washington, D.C. — four hours round trip — just so the VP-wannabe could vote against her. Now that is sheer terror.
The Democrats’ attack against Judy Shelton is that she has in the past advocated for a gold standard. The horror!! We at the CTUP have had a friendly debate about the ideal monetary system. Steve Forbes makes a powerful case for the gold standard. We all agree with the Forbes and Shelton call for stable prices.
The gold standard had problems, but America became the richest country in the history of the world – in part because for some 200 years we had a reliable currency that was pegged to gold. As Forbes points out, during the period 1946-1971 the United States was on a quasi-gold standard. The left calls these years the golden age of growth and middle-class gains for America. Do they know we were on a gold standard over that period? The massive wrecking ball of inflation happened AFTER we went off the gold standard under Richard Nixon.
Could a gold standard be any worse than what the supposed infallibles at the Fed have done to our economy? In the 2004 – 08 period, the Fed’s easy money policies triggered the greatest financial collapse of modern times. In 2018 when the Trump economy began to surge, the Fed believed that all of this growth and job creation would cause inflation, so they deflated the economy and crashed the stock market. Judy Shelton shouted for the Fed to STOP the carnage by reversing its horrendous mistake and the market recovered and the Trump boom resembled a rocket ship with fast growth, rising wages and salaries, and stable prices.
Steve Forbes and Judy Shelton aren’t the crazy ones. Those who advocate for a Fed that makes up the rules as it goes along are. Republicans Mitt Romney, Susan Collins, and Lamar Alexander voted against Shelton. Even if they don’t agree with all her positions, do they feel that it would be better for a potential President Joe Biden to make the choice instead?
Mitch McConnell is plotting another vote. We agree with the New York Sun analysis that 2 of the 3 “nay” Republicans should be persuadable to vote to confirm Judy Shelton. Two GOP senators, Rick Scott of Florida and Chuck Grassley of Iowa have been tested positive for Covid. They should put on some kind of hazmat suit with no exposure to the air around them, come to the Senate floor and vote for her. They would be heroes. Now is a time for every possible measure to protect the nation from Bidenomics.
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