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A few years later, the Federal Reserve’s affection for gold severely worsened the Great Depression. Tying the currency to gold wrecked Britain’s economy in the 1920s. In the modern era, the amount of liquidity needed by complex societies does not conform to the amount of ore underground or of metal lying in vaults. Milton Friedman, the late economics Nobel laureate, at the time Shelton’s colleague at the Hoover Institution, wrote in 1994 of a Shelton op-ed, “It would be hard to pack more error into so few words.”įor most of her career she has been an enthusiastic proponent of the gold standard, a throwback to the 19 th century. Rather, she embraces anti-establishment sound bites that have been debunked by painful experience.Īlthough she has been writing on the fringes of monetary policy, forecasting doom and runaway inflation since the 1980s, she has made no contribution to economic thinking. But Shelton has never displayed any insightful analysis or sign of deep thinking.
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Her defenders consider her a breath of fresh air. The first is her consistent advocacy of far-right economic ideas. There are two urgent reasons for opposing Shelton. Principled senators must not let it happen. Trump remains fully committed to Shelton, and the White House is pushing for her confirmation.