Editorial of The New York Sun | March 4, 2020
quoting Michael D. Bordo, Milton Friedman via CATO
Watching the frenzy surrounding Judy Shelton's confirmation hearing before the Senate Banking Committee on February 13, one is led to believe that the gold standard is a "nutty" idea, for which no serious economist or monetary policymaker could possibly have a kind word.
Judy Shelton was director of the Sound Money Project at the Atlas Network; in 2012 she joined TheGoldStandardNow.Org as a senior advisor. In March 2018, she was confirmed by the U.S. Senate as the United States director of the European Bank for Reconstruction and Development. Shelton is known as a critic of the Federal Reserve. She has called for a 0% inflation target, contradicting the bank's current 2% target. She has written that a "fundamental question" of economics is, "Why do we need a central bank?"
By JOHN TAMNY, Special to the Sun | February 17, 2020
Editorial of The New York Sun | February 12, 2020
Editorial of The New York Sun | February 13, 2020
The best move for President Trump after today's hearing for his nominees to the Federal Reserve would be to withdraw his nomination of Christopher Waller and stick with Judy Shelton. That's our reaction to the calls for Mr. Trump to withdraw Ms. Shelton after a premeditated attack on her by the Democrats and one or two Republicans. It was a disgraceful performance.
No single feature of it was quite as disgraceful as the question Senator Sherrod Brown put to Mr. Waller and the answer Mr. Waller delivered. "Given Ms. Shelton's answers on monetary policy and thirty years writing on the gold standard," the oleaginous Ohioan asked Mr. Waller, "would you recommend we confirm her to the Fed?"