Source: Bloomberg

“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….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.’ Moore was an adviser to Trump in his 2016 presidential campaign and is a distinguished visiting fellow at the conservative Heritage Foundation. He hasn’t been formally nominated to the Fed board, but National Economic Council chief Larry Kudlow said on April 2 that the administration is ‘fully behind’ him…Bloomberg News and other news media reported on Thursday that Trump intends to nominate Herman Cain, former chief executive officer of Godfather’s Pizza, for another open seat at the Fed. Cain ran for the Republican presidential nomination in 2012. He promoted a 9-9-9 plan, which would have replaced much of today’s tax code with 9 percent taxes on sales, individual income, and corporate income….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.”

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