EDITOR NOTE: Judy Shelton’s failure to garner support from the Democrats and Republicans for her nomination to the Federal Reserve tells us something about bipartisanship in America: red and blue stand unified against gold. The left and the right are more interested in spending your money than they are strengthening your economic prosperity through financial soundness and austerity. Contrary to their public position, especially among the so-called “conservative” GOP representatives, neither party truly supports free markets. The ability to excessively create and spend money to benefit government and corporate elites--all done at the public’s expense--takes priority over establishing a fair and competitive economic environment for all. All the while, politicians on both sides of the fence continue to garner public favor by feeding them simple ideologically-driven messages that divert their attention away from their economic realities. President Biden’s withdrawal of Judy Shelton’s nomination is the nail that seals the coffin. Now that our politicians have made it abundantly clear that monetary intervention and fiscal spending takes priority over Americans’ financial well-being, it’s up to us (as individual citizens) and the rest of the world to hedge against the dollar’s demise. While central banks are loading up on gold to diversify against the dollar reserves of which they’re trying to rid themselves, Americans should also consider diversifying into “sound money” (the thing that made Shelton so controversial) by holding “reserves” in non-CUSIP gold coins or bars.
U.S. President Joe Biden on Thursday withdrew from consideration Donald Trump’s contentious nomination of Judy Shelton to fill a vacant seat at the Federal Reserve.
Trump had hoped to secure Shelton’s confirmation before leaving office, but her nomination stalled after the Republican-controlled Senate failed to muster the required votes to move her nomination ahead in the confirmation process.
Trump had re-nominated Shelton and over 30 other individuals for key judgeships and other posts in early January.
Shelton’s nomination ran into trouble in November after a couple of Republicans joined Democrats in opposing the former Trump economic adviser out of concern that her perceived partisanship could imperil the Fed’s independence.
In addition, two other Republicans had to skip the vote because they were quarantining due to the coronavirus.
Shelton had come under fire for inconsistent, controversial views, including an embrace of the gold standard and a shifting stance on interest rates as control of the White House passed from Democrat Barack Obama to Trump.
Shelton’s name was one of 32 nominations for various posts and judgeships withdrawn by the White House late on Thursday, including that of Joseph Barloon, former general counsel of the U.S. Trade Representative’s office, to be a judge on the U.S. Court of International Trade.
Originally posted on Reuters