The way we think about the confirmation hearing tomorrow for economist Judy Shelton to be a governor of the Federal Reserve is as a test less of her than of the Republican Party. Is it going to make good on the platform on which President Trump stood for the presidency in 2016? That platform called for a more transparent and accountable Federal Reserve and a monetary commission to start looking at ways to improve our system.
Those campaign promises didnt just erupt out of the blue. They were born of the realization that the Federal Reserve bears a share of the responsibility for the Great Recession that started in 2007 and hobbled our recovery for much of the Obama era. Those were years in which the House of Representatives, in a bipartisan vote of 333 to 92, passed Congressman Ron Pauls Audit the Fed bill.
Dr. Pauls bill was only one of a number of measures designed to give Congress better tools to oversee monetary policy. After all, 100% of the monetary powers that the Constitution grants to the government are granted to Congress. Audit the Fed and other measures were finally sent, in late 2015, to the Senate, where, with the election coming up, the solons froze. They did so even though Mr. Trump campaigned for monetary reform.
Once elected, Mr. Trump seemed to change his tune. No longer did he talk about a false economy. Instead he plumped for easy money. Advocates of monetary reform wondered whether Mr. Trump had completely forgotten about his promises. His nomination of Ms. Shelton who has written, on the Wall Street Journals op ed pages, a body of brilliant commentary on monetary matters signals that he hasnt forgotten.
This, of course, has agitated the Democrats and other opponents of reform. In one of their most amazing dodges, they have been criticizing Ms. Shelton for seeming to endorse Mr. Trumps call for the ultra-low interest rates that the Democrats themselves favor as if to say, dont confirm her, she agrees with us. Tomorrows Wall Street Journal carries an important editorial sorting all that out.
Our own focus throughout this long debate has been less on what interest rates the Fed ought to set or other details of Fed policy. We dont feel qualified on that head. We are more focused on the strategic failures of the Fed; even its erstwhile chairman, Paul Volcker, argued before his death that the absence of an official, rules-based, cooperatively managed monetary system has not been a great success.
Meantime, we are reminded in the latest issue of Grants Interest Rate Observer, that the CBO is now calculating that the federal budget deficit between 2021 and 2030 will average $1.3 trillion and climb to 5.4% of GDP. Grants calls these unheard-of figures except in times of national mobilization for war. Our own view is that monetary reform is one of the ways Congress can start to put the brakes on the borrowing this will require.
We comprehend that it is not the job of a Federal Reserve governor to reform the monetary system. That is the part of Congress. Whenever during the Obama years congressmen asked about reform, though, they were met with truculence from Chairmen Beranke and Yellen. How refreshing it would be to have some members of the Fed board who arent so defensive about new ideas. Ms. Shelton seems made for the part, and her confirmation hearing will be as important as that of, say, a Supreme Court justice.
Link:
Judy Shelton and the - New York Sun
- Ron Paul Forums / Rand Paul Forums - Grassroots Central Updates - February 6th, 2018 [February 6th, 2018]
- The Ron Paul Institute for Peace and Prosperity : What the ... - February 6th, 2018 [February 6th, 2018]
- The Libertarian Party Won't Let Ron Paul Speak at Their ... - February 6th, 2018 [February 6th, 2018]
- Barnds brothers lawn and garden, Overland park, Kansas ... - February 23rd, 2018 [February 23rd, 2018]
- Ron Paul .com - March 20th, 2018 [March 20th, 2018]
- Aaron Paul, Ron Cephas Jones Round Out Cast of Apples ... - June 19th, 2018 [June 19th, 2018]
- Ron Paul presidential campaign, 2012 - Wikipedia - June 29th, 2018 [June 29th, 2018]
- Ron Paul: U.S. secession is already 'happening' | MSNBC - June 29th, 2018 [June 29th, 2018]
- Ron Paul tweets racist, anti-Semitic cartoon before ... - July 4th, 2018 [July 4th, 2018]
- Ron Paul Blames Shockingly Racist, Anti-Semitic Tweet On ... - July 9th, 2018 [July 9th, 2018]
- Ron Paul, former presidential candidate, tweets racist and ... - July 9th, 2018 [July 9th, 2018]
- Ron Paul: 'Trump Won' in Summit with Putin, 'Neocons Aren't ... - July 19th, 2018 [July 19th, 2018]
- Ron Paul warns that this is the 'biggest bubble in the ... - July 19th, 2018 [July 19th, 2018]
- Ron Paul disavows racist newsletters under his name - CBS News - July 25th, 2018 [July 25th, 2018]
- Ron Paul Exposes The Human Suffering Of "Cultural Marxism" - July 25th, 2018 [July 25th, 2018]
- The Ron Paul Institute for Peace and Prosperity : Spending ... - July 28th, 2018 [July 28th, 2018]
- Wikipedia Listed Ron Paul On White Supremacists List For ... - August 1st, 2018 [August 1st, 2018]
- The Ron Paul Institute for Peace and Prosperity : Neocons ... - August 9th, 2018 [August 9th, 2018]
- Ron Paul: The Mueller Indictments & The Triumph Of The Deep ... - September 4th, 2018 [September 4th, 2018]
- The Ron Paul Institute for Peace and Prosperity : Cant We ... - September 4th, 2018 [September 4th, 2018]
- The Ron Paul Institute for Peace and Prosperity : NAFTA 2.0 ... - October 9th, 2018 [October 9th, 2018]
- Ron Paul, Rising Political Star - CBS News - November 12th, 2018 [November 12th, 2018]
- Ron Paul: US is barreling towards a 50% or more stock ... - November 13th, 2018 [November 13th, 2018]
- Ron Paul Tweets Racist, Anti-Semitic Cartoon - December 5th, 2018 [December 5th, 2018]
- TNR Exclusive: A Collection of Ron Pauls Most Incendiary ... - December 5th, 2018 [December 5th, 2018]
- Ron Paul: Foreign interventionism isnt the America First ... - December 5th, 2018 [December 5th, 2018]
- Ron Paul's LANDSLIDE VICTORY! (327-98) | SVTPerformance.com - December 17th, 2018 [December 17th, 2018]
- The Ron Paul Revolution - Taki's Magazine - takimag.com - December 17th, 2018 [December 17th, 2018]
- Ron Paul: Market meltdown could spark depression-like conditions - December 18th, 2018 [December 18th, 2018]
- The Ron Paul Institute for Peace and Prosperity : Why The ... - December 23rd, 2018 [December 23rd, 2018]
- Ron Paul: US is barreling towards a 50% or more stock market drop - December 29th, 2018 [December 29th, 2018]
- Ron Paul | American politician | Britannica.com - December 29th, 2018 [December 29th, 2018]
- Ron Paul: Troops Out Of Syria And Afghanistan? That's A Good ... - December 29th, 2018 [December 29th, 2018]
- Ron Paul: Troops Out of Syria and Afghanistan? Thats a Good ... - December 29th, 2018 [December 29th, 2018]
- US needs to withdraw all troops from Mideast: Ron Paul - December 29th, 2018 [December 29th, 2018]
- Ron Paul: Trump's decision to withdraw US troops from Syria ... - December 29th, 2018 [December 29th, 2018]
- Stem Cell Therapy - Top Rated Local Stem Cell Treatment In ... - January 1st, 2019 [January 1st, 2019]
- The Power of Stem Cells | California's Stem Cell Agency - January 1st, 2019 [January 1st, 2019]
- xkcd: Secretary: Part 2 - February 19th, 2019 [February 19th, 2019]
- Ron Paul - Official Site - March 21st, 2019 [March 21st, 2019]
- GOP candidates blast Ron Paul over Iran policy. Is one side ... - April 5th, 2019 [April 5th, 2019]
- 'Racist newsletter' timeline: What Ron Paul has said ... - April 5th, 2019 [April 5th, 2019]
- Ron Paul spent $35M, yet only got 40,000 votes nationwide ... - April 5th, 2019 [April 5th, 2019]
- RON PAUL: Is he the ONLY candidate who can speak PLAIN ... - May 1st, 2019 [May 1st, 2019]
- Ron Paul - amazon.com - May 1st, 2019 [May 1st, 2019]
- Ron Paul TV Archives & Latest Videos | MidEast News Syria - May 1st, 2019 [May 1st, 2019]
- Ron Paul: False Flag Could Ignite War in Venezuela - May 2nd, 2019 [May 2nd, 2019]
- The Dollar Is Going to Self Destruct: Talking Bitcoin With ... - May 23rd, 2019 [May 23rd, 2019]
- Inside Ron Paul's Counter-Convention | Vanity Fair - May 23rd, 2019 [May 23rd, 2019]
- Ron Paul: Julian Assange, Political Prisoner OpEd Eurasia ... - May 23rd, 2019 [May 23rd, 2019]
- Ron Paul | Abortion | Pro-Life Profiles - May 23rd, 2019 [May 23rd, 2019]
- Ron Paul, Author at Antiwar.com Original - May 23rd, 2019 [May 23rd, 2019]
- Rev. Ron Moore: Three reasons to be thankful - State-Journal.com - November 29th, 2019 [November 29th, 2019]
- What Is Happening With Rand Paul? (2019-11-28) - Biology Reporter - November 29th, 2019 [November 29th, 2019]
- 'I dont have a facade': How Kane went from WWE icon to elected office - Yahoo Sports - November 29th, 2019 [November 29th, 2019]
- The Conservative Establishment's Nightmare Is Only Just Beginning - Washington Monthly - November 29th, 2019 [November 29th, 2019]
- Texas' 22nd Congressional District: History of the Seat and a Breakdown of the Current Race - The Texan - November 29th, 2019 [November 29th, 2019]
- Getting Hot Late Is Usually the Key to Winning Iowa - New York Magazine - November 29th, 2019 [November 29th, 2019]
- Ron Paul: The Real Bombshell Of The Impeachment Hearings OpEd - Eurasia Review - November 29th, 2019 [November 29th, 2019]
- Americans are sick and tired of impeachment and grandstanding & chicanery of both parties Ron Paul - RT - November 29th, 2019 [November 29th, 2019]
- McCain conservatives are rallying behind Justin Amash - Hot Air - December 27th, 2019 [December 27th, 2019]
- Ron Paul: How Congress And The Federal Reserve Stole Christmas OpEd - Eurasia Review - December 27th, 2019 [December 27th, 2019]
- What it's like to shoot Cher, Anna Wintour and others at Met Gala - Page Six - December 29th, 2019 [December 29th, 2019]
- The 2019 Wypipo Awards: End of the Decade Edition - The Root - December 29th, 2019 [December 29th, 2019]
- Recreational bowling scoreboard - The Times Herald - December 29th, 2019 [December 29th, 2019]
- How Jaylen Brown and Jayson Tatum have found balance, complement each other, and propel the Boston Celtics - MassLive.com - December 29th, 2019 [December 29th, 2019]
- Why These Might Be The Most Competitive Iowa Caucuses Ever - FiveThirtyEight - January 30th, 2020 [January 30th, 2020]
- A Million Iraqis Asked Us To Leave We Should Listen - Antiwar.com - January 30th, 2020 [January 30th, 2020]
- How The Iowa Caucuses Work And Why They're Important | NPR - KCRW - January 30th, 2020 [January 30th, 2020]
- 12 Wild Hours With Andrew Yang - POLITICO - February 12th, 2020 [February 12th, 2020]
- Dwayne Haskins is 'All For Competition' To Be The Redskins Starting Quarterback - Redskins.com - February 12th, 2020 [February 12th, 2020]
- Andrew Yang makes his stand in New Hampshire - POLITICO - February 12th, 2020 [February 12th, 2020]
- Iowa and New Hampshire have no business leading the nomination process - The Dallas Morning News - February 12th, 2020 [February 12th, 2020]
- Unbuilt Portland: 4 big projects that never happened... yet - Pamplin Media Group - February 12th, 2020 [February 12th, 2020]
- Big Swinging Brains and fashy trolls: how the world fell into a clickbait death spiral - The Guardian - February 12th, 2020 [February 12th, 2020]
- Pardon the Interrupters: meet the ska-punks with an InfoWars problem - Telegraph.co.uk - February 29th, 2020 [February 29th, 2020]
- Ron Paul: Trump Does The Bidding Of Deep State - The National Memo - February 29th, 2020 [February 29th, 2020]
- Health Care Is On Coloradans' Minds. This Is Where The 2020 Presidential Candidates Stand - Colorado Public Radio - February 29th, 2020 [February 29th, 2020]
- The immorality of US hegemony with Ron Paul - RT - February 29th, 2020 [February 29th, 2020]
- Afghanistan: 'Thank Allah We're Out of That Quagmire' - Consortium News - March 8th, 2020 [March 8th, 2020]