Source: New York Sun
“President Trump’s plan to nominate Stephen Moore to a governorship of the Federal Reserve could come to be seen to be as important as the justices he’s named to the Supreme Court…During the 2016 campaign, though, Mr. Trump made an issue of monetary policy, and this is the first substantive signal we’ve had that he might redeem that pledge. Few issues have so riveted these columns as the monetary problem – how to work our way back from the wilderness of fiat money, meaning currency unmoored to gold or silver. How can we return to a system more in line with what the Founding Fathers of America intended and signaled in the Constitution and in statute?….What we like about Mr. Moore is that he is prepared to ask basic, even radical questions about our monetary system, such as whether we need the Federal Reserve in the first place. He posed that question in a Wall Street Journal interview, in which he favored a monetary rule and said: ‘I think we should have a discussion in this country about whether we need a Fed.’….Mr. Greenspan called the question ‘very interesting’ in an era when central banks were losing the power to affect long-term rates. The ex-chairman then suggested that some mechanism has got to be in place – a gold standard, he offered, or a currency board – because otherwise, ‘all of history suggests’ that ‘inflation will take hold.’….Mr. Greenspan then pointed out that ‘we did very well in the 1870 to 1914 period with an international gold standard.’ And, without the Federal Reserve. Could Mr. Moore pursue such questions from the Fed’s board? We’d like to think so.”
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