The economic advisor to President Trump and Federal Reserve Board nominee, Judy Shelton, is advocating for the return of currency to the gold standard, possibly with cryptocurrency.
Shelton, a long-time advocate of the gold standard and critic of the Federal Reserve, restated her position on the subject in an interview with Gold Telegraph in what she calls a “monetary discipline.”
Shelton stated that “money needs to be stable and provide the foundation for productive economic growth.” Her proposed solution is the gold standard, which she believes has the stability the economy needs. She reiterated her admiration for digital currency by saying, “I like the idea of the gold standard, I mean, it could be used in a very cryptocurrency way.”
This is not the first time the nominee is proposing the use of cryptocurrency as a way to strengthen the economy. On February 14 during her confirmation hearing by the Senate, on the subject of money reserve, she stated that “[cryptocurrency] is a dominant reserve currency…it is very important that we get ahead of the curve to ensure that the dollar continues to offer the best currency in the world.”
The U.S moved on from the gold standard in 1971. Shelton intends to bring it ‘back to the future’.
Image Credits: Pixabay
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