Why The MSM Hates Judy Shelton
The comments below are an edited and abridged synopsis of an article by Robert Aro
Imagine if a member of the Federal Reserve’s Board of Governors said: “When governments manipulate exchange rates to affect currency markets, they undermine the honest efforts of countries that wish to compete fairly in the global marketplace. Supply and demand are distorted by artificial prices conveyed through contrived exchange rates.”
Or: “The Fed should focus on stable money as a key factor in economic performance. Given that central banks today are the world’s biggest currency manipulators, it’s imperative that the next chairman prioritize the integrity of the dollar.”
Or: “For all the talk of a rules-based system for international trade, there are no rules when it comes to ensuring a level monetary playing field. The classical gold standard established an international benchmark for currency values, consistent with free-trade principles.
The quotes are from Trump’s appointee Judy Shelton, approved by the Senate banking committee at a vote of 13-12.
We can see everything wrong with the mainstream media, mainstream economists and politics in the New York Times article, “God Help Us if Judy Shelton Joins the Fed” and in the National Review’s “The Wrong Kind of ‘Intellectual Diversity’ at the Fed.”
CNBC’s position was more neutral: “She [Shelton] faced persistent and at-times hostile questions about her support for the gold standard, her beliefs on whether bank deposits should be insured and whether the Fed should be independent of political influences.”
The Wall Street Journal said it best: “…the news write-ups inevitably described her with adjectives like ‘controversial.’ She should take it as a badge of honor, given how she would provide needed intellectual diversity at the Fed.”
Only in a world where socialism is considered good and capitalism bad could Shelton receive so much scorn. If she is appointed to the board, would she be shunned for speaking up? If she is appointed, Shelton could be in line for the position of Federal Reserve Chair.