E Judy Shelton - Thank You; Janet Yellen - She's Back

Last week the Senate failed to confirm the nomination of Judy Shelton as a member of the Board of The Federal Reserve. Some thoughts and observations.

If it had done so, and once she was occupying a currently vacant seat on the board, we might reasonably have expected some fireworks.

As I said in a previous article...

"If someone with Ms. Shelton's views were to be sitting on the Federal Reserve Board of Governors, that individual would have a platform to call attention to the facts at hand.  A more public recognition of those facts could change measurably the current perception of the Fed. In addition, it might also signal the possible end of the central bank." (see The Federal Reserve Vs Judy Shelton And Gold)

It is curiously interesting that nearly every article in mainstream media that I have read about Ms. Shelton and her nomination includes a reference to her views on gold. Each reference is made in derision of Ms. Shelton's views and attempts to discredit her by casting aspersions her way.

The apparent inference is that someone who gives even cursory lip service to a gold standard is unqualified to serve on the Federal Reserve Board. There is more to it than that.

Why did former Chairs and members of the Federal Reserve Board feel it necessary to issue a formal letter criticizing Judy Shelton and mentioning specifically her views on gold?

Below are three statements from that letter...

1)" Ms. Shelton's views are so extreme and ill-considered as to be an unnecessary distraction from the tasks at hand..."

2)" Ms. Shelton has a decades-long record of writings and statements that call into question her fitness for a spot on the Fed's Board of Governors". 

3)" She has advocated for a return to the gold standard; she has questioned the need for federal deposit insurance; she has even questioned the need for a central bank at all."  

What makes Ms. Shelton's views "so extreme and ill-considered" is that they fly in the face of more than one hundred years of failed banking practices and money manipulation.

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Kelsey Williams is the author of two books: Inflation, What it is, What It Isn't, And Who's Responsible For It and  more

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Kurt Benson 1 month ago Member's comment

I think Yellen was a strong choice.