Financial Times/James Politi
“In an interview with the Financial Times at the Trump International Hotel in Washington this week, Ms Shelton called on the Fed to ‘think about whether they are doing more harm than good’. If appointed to the board, she would be ‘asking tough questions’ about its most basic mission, she said. ‘How can a dozen, slightly less than a dozen, people meeting eight times a year, decide what the cost of capital should be versus some kind of organically, market supply determined rate? The Fed is not omniscient. They don’t know what the right rate should be. How could anyone?’ Ms Shelton said.”
USAGOLD note: We haven’t had an individual with Judy Shelton’s fundamental sense of free-market monetary dynamics and intellectual cache at the Fed since Alan Greenspan walked the halls of the Marriner Eccles Building. It would be a welcome sight to see her attend her first meeting of the Federal Reserve Board of Governors. She is a friend of gold and has been for a very long time. . . . .
Repost from 5-31-2019
