Judy Shelton on gold, tariffs and where the Fed went wrong
The potential successor to Jerome Powell discusses why she thinks the Fed is too powerful, why her stance on gold is not a ‘crank’ position, and why she feels events have vindicated her and president Trump on the need for rate cuts
How do you feel the Federal Reserve has performed in recent years? What do you think it got right and what could have been done better under Jerome Powell’s chairmanship?
Well, we did have the highest inflation in 40 years. Since the Fed’s mandate, which they cite quite often, is to promote stable prices, they fell down on that aspect of their mission. The more fundamental problem is that the Fed has long refused to be governed by any kind of mechanical rule. They like having discretionary
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