Trump nominates gold standard supporting Herman Cain and Moore to FED

[nbhadja]

He has nominated both Herman Cain and Stephen Moore to the Federal Reserve board. Both of them strongly support the gold standard.

Yet both of President Donald Trump’s apparent picks for open seats on the Federal Reserve Board of Governors, Stephen Moore and Herman Cain, are interested in fixing the price of the dollar in quantities of gold—bringing back a system that President Richard Nixon abandoned in 1971.

Their stance on gold encapsulates how far the two are outside the mainstream. It doesn’t mean they’re wrong—just that most economists of the left, right, and center who have looked into restoring the gold standard have concluded that it would be a bad idea.

Then again, the person who wants them on the Fed is more open to the idea. While campaigning for president in 2016, Trump told GQ, “Bringing back the gold standard would be very hard to do, but boy, would it be wonderful. We’d have a standard on which to base our money.”

Trump’s new picks for the Fed are a win for Austrian School followers and others who think Nixon made a big mistake by taking the dollar off the gold standard. But they’re alarming a lot of other people. Paul Krugman tweeted out Bloomberg’s article about the Cain pick today with this comment: “Meanwhile, I didn’t think Trump could do worse than Stephen Moore for the Fed. But never underestimate his resourcefulness.”

https://www.bloomberg.com/news/arti...herman-cain-are-warm-toward-the-gold-standard

Q said back in 2018 that gold shall end the fed. It's coming.

 

[Zippyjuan]

The Fed cannot create a gold standard- only Congress can (with the signature of the President on the legislation). He wants Cain to make more free money and return to zero interest rates.

 

[oyarde]

I think krugman , Q etc are both pretty far off the mark . I would love to see the Fed go .It would be nice to back a dollar with something . Dollars are not worth enough to need gold but if you did there would not be enough gold . Probably more like how many bottlecaps to the dollar . That would still make it more valuable than other currencies since everyone has made the mistake of not having the first backed currency which would immediately become the world preferred currency and it is all worthless paper too . You think the shitty house of representatives will do anything to make wasting money on stupid shit harder ? I predict not .

 

[oyarde]

You cannot just peg gold at 1400.00 an ounce or whatever , because nobody else will . You might be able to get by with pegging copper at 3.00 or 4.00 a pound and using that ....

 

[oyarde]

I do think getting rid of people off the Fed board is a good idea .

 

[Zippyjuan]

You cannot just peg gold at 1400.00 an ounce or whatever , because nobody else will .

The US gold reserves are worth about $310 billion at September, 2018 prices- 258,641,878.085 troy ounces. https://www.fiscal.treasury.gov/reports-statements/gold-report/current.html

M2 money supply is $14.5 trillion. Gold would have to be $61,000 an ounce instead of $1300.

 

[oyarde]

The US gold reserves are worth about $310 billion at September, 2018 prices- 258,641,878.085 troy ounces. https://www.fiscal.treasury.gov/reports-statements/gold-report/current.html

M2 money supply is $14.5 trillion.

Yep , too much paper .

 

[oyarde]

While I totally oppose the fed , while it is there it should at least have people on the board that meet the actual criteria . Gold standard may or may not not be feasible to return to until the total economic collapse .

 

[Krugminator2]

Let's say you thought a gold standard is a good idea. Almost no economist agrees. In order to persuade people you kind of need facts and data to support your position and have a workable plan to transition over. You need extreme competency. Neither of these people possess that. They are however Trump lackeys who will do what it takes to try to make sure we don't have a recession before Trump's next election. (That might not be a terrible thing. As the yield curve inverts there is no argument for tightening and probably and argument to start easing soon.)

 

[Zippyjuan]

Both nominees have changed their positions on monetary policy.

He added that Moore had been an economic advisor to Cain’s presidential campaign and helped create Cain’s tax plan, which called for a return to the gold standard. Cain was a Republican candidate for president in 2012.

“He was a regular critic of the Fed’s unconventional policy easing and, as recently as 2014, advocated for a reversal of QE through $45bn in monthly sales of Treasury securities and MBS holdings that would have reduced the Fed’s securities holdings by 75% through 2020, ” Gapen wrote in a note.

Trump too was against monetary easing before he was in favor of it.

 

[devil21]

He has nominated both Herman Cain and Stephen Moore to the Federal Reserve board. Both of them strongly support the gold standard.





https://www.bloomberg.com/news/arti...herman-cain-are-warm-toward-the-gold-standard

Q said back in 2018 that gold shall end the fed. It's coming.

Q was three years behind the curve. Better late than never, I guess.

http://www.ronpaulforums.com/showth...urt-ruling-in-Canada-debt-based-money-is-done

 

[Working Poor]

I want to see the dollar's worth to increase to the point that a person could buy a carton of eggs, loaf of bread and, a lb of butter. with one dollar.

 

[Chester Copperpot]

The US gold reserves are worth about $310 billion at September, 2018 prices- 258,641,878.085 troy ounces. https://www.fiscal.treasury.gov/reports-statements/gold-report/current.html

M2 money supply is $14.5 trillion. Gold would have to be $61,000 an ounce instead of $1300.

thats pretty good evidence that the central banks of the world have acted together to suppress the price of gold...

 

[TheCount]

Trump directly said that he wants QE4. All of this nonsense is a pipe dream.

 

[Dr.3D]

So has a Contenental become worth more than a dollar?

 

[Zippyjuan]

thats pretty good evidence that the central banks of the world have acted together to suppress the price of gold...

The only way to suppress the price of something is to flood the market with the item and for a long time. Central banks don't have enough gold to do that. They hold about ten percent of the global supply.

 

[devil21]

^^^^^^^^
Everyone paying attention knows the market is flooded with gold. PAPER GOLD. Most of which is never redeemed for physical but does serve to drive down spot price.

 

[dannno]

Trump directly said that he wants QE4. All of this nonsense is a pipe dream.

So you think Trump is an honest straight shooter?

 

[devil21]

So you think Trump is an honest straight shooter?

They're setting up the planned "show down" between Trump and the Fed over monetary policy. Read the linked thread in my first post above.

 

[Zippyjuan]

^^^^^^^^
Everyone paying attention knows the market is flooded with gold. PAPER GOLD. Most of which is never redeemed for physical but does serve to drive down spot price.

Link to central banks selling paper gold?