President Trumps US Fed Candidate Has Reiterated Her Support for Gold-Backed Currency As Well As Adding Cryptocurrencies into the Fray

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Judy-Shelton

Judy Shelton, President Donald Trump’s candidate for the US Federal Reserve board of governors, has echoed her advocacy towards gold-backed currency, and possibly a hint of cryptocurrency.

In an interview she participated in this last Sunday, Shelton said that tomorrow’s image of the gold standard might indeed contain a hint of digital currencies. She said that the central banks aren’t helping the private sector in providing a unit of account within the gold standard that can be considered reliable. She believes that it is unstable, and what she thinks could fix it is the inclusion of crypto ideas.

Keeping the dollar as the standard worldwide

Participating along with the developing sector of digital currencies isn’t all that new to Shelton anymore. This is because she has previously supported the potential for digital dollars to keep the US currency at the top globally.

For her, the United States needs a refresher to push away the misrepresentations that loom over the Fed for over a half-century now.

Shelton has also stated that she sees the central bank activism as a huge hindrance towards the capability of the market to function freely and away from planned overreaches. This particular statement can be interpreted as an overlap on her part to the proponents of Bitcoin (BTC). In their minds, blockchain has the ability to ensure the immunity of currency against any individual attempts for value manipulation.

Shelton can be seen as concerned with the advocates of digital scarcity who believe that Bitcoin may prompt a deflationary monetary policy by acting as a fallback currency with a finite supply.

Despite that, she has also openly stated that she is willing to hear a solution wherein the Fed would target a dollar price for gold by linking the supply of money with that of credit to gold. She firmly believes that such a solution would alleviate inflationary pressures.

While there may be certain rumors flying around concerning the Senate Banking Committee’s vote towards Shelton’s Fed nomination this early May, for now, any new developments for the matter have since been quiet amidst the bipartisan skepticism. That being said, for the “Fed bugs,” gold bugs, and the advocates for digital dollars, there would be nothing more to do but to wait.

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