Gold Bug Profile: Judy Shelton

JP Buntinx
April 18, 2020

Gold bugs are often described as people who have either made money by investing in gold, or still actively do so today. In the case of Judy Shelton, there are a few other reasons as to why she fits this category. 

Judy Shelton and the Gold Standard

When looking for information pertaining to Judy Shelton, several tidbits will come up quickly. First of all, she is an economic advisor to President Donald Trump. Secondly, she criticized the Federal Reserve over the years, but more on that lately. What is perhaps more interesting is how she advocates for reinstating the gold standard.

Given all of the financial turmoil taking place globally, bringing back the gold standard would make a lot of sense. It is a decision that most central banks – particularly the Federal Reserve – will continue to oppose, however. A gold standard puts an end to quantitative easing and helicopter money immediately. 

Judy Shelton is also involved in TheGoldStandardNow.Org team as a senior advisor. She took up that role in 2012, albeit the domain now redirects to a completely different website pertaining to Economics, Monetary Reform, and so forth. 

Judy Shelton the Critic

It is rather uncommon for individuals with political ambitions to openly criticize the Federal Reserve. Shelton is a very welcome exception in this regard. For many years now, she has been a critic of the Fed and its monetary policy .

Back in 2011, she even wondered if the Fed is not a rogue agency. Given the bank’s oversight of the US Dollar, one has to wonder how much power this agency really wields today. Perhaps it is time to change that aspect in the near future, albeit for nor now, that will be the case.

Shelton even advocated for a 0% inflation target, which is very different from what the Federal Reserve aims to maintain. In her opinion, there is also no real need for  a central bank, especially if that institution operates independently of the White House. 

When it comes to interest rates, Judy Shelton has made her voice heard over the years. During the Trump presidency, she advocated for much lower interest rates well before the central bank even began considering such an option. That sentiment was echoed by president Trump himself, who often criticized the Fed for not doing so more swiftly. 

It is interesting to note that Judy Shelton may join the Federal Reserve Board of Governors in the near future. Assuming that will be the case, some very interesting things are bound to happen in the near future.

Judy Shelton the Hopeful

Regardless of one’s preference or political ambition, advocating an overhaul of the global monetary system is always worthwhile. The current system has been broken beyond repair, and a new solution needs to be found sooner rather than later.

For Judy Shelton, that future will involve a new Bretton Woods-style conference to bring back the gold standard. Such a measure can only happen if everyone agrees on doing so, yet achieving consensus will be very challenging. 

In Shelton’s opinion, the world needs a highly integrated financial system with a global common currency. Given the appeal and status gold and other precious metals provide, they would certainly be a good fit. 

Another project she aims to explore is the adoption of a universal gold reserve bank. That is another jab at the Federal Reserve and other central banks all over the world. By creating a universal reserve bank, the financial system would be overhauled entirely.  A hopeful prospect, albeit one that may not be achievable anytime soon. 

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