Lord Damp Nut’s Federal Reserve nominee, Judy Shelton, is in trouble:
Three Republican senators are undecided about whether to support Judy Shelton, President Donald Trump’s latest nominee for a seat on the Federal Reserve board, after a contentious hearing in which lawmakers from both parties raised questions about her controversial policy stances.
As you may recall, Shelton wants to return the US to the gold standard (Ayn Rand is getting a lady boner from the grave), and Republican members on the Senate Banking Committee are not sure they can vote to support that. You might recall previous nominees have been sent packing, too.
Shelton says she would send interest rates into the negatives (which is sumpin’ that our self-professed Debt-King-in-Chief has been agitating to do), and generally looks to be as nutty as the Christmas slice.
Shelton, an economist and a former 2016 Trump campaign adviser, defended her stance on rates by pointing to the 49 central banks that lowered their interest rates last year, causing their currency to depreciate against the US greenback. She noted the Fed then followed suit in July, lowering rates by a quarter-percentage point, and then twice more.
Shelton vowed to work with her Fed colleagues to benefit the US economy even as she brings a different perspective, acknowledging: “I don’t claim to be in the mainstream of economist.”
“I might be a nut,” Shelton did not add, “but that’s what you get when you shake the tree.”