New York Sun: Will Trump take on the Fed?


From the New York Sun
Saturday, July 21, 2018

... What, though, are we to make of the fact that two years after lacing into the Fed for keeping interest rates low, Mr. Trump, now president, is jawboning the Fed for letting interest rates start to rise? Two years ago he tweeted a prediction that rates would have to rise. Now that he is proven right, he complains: "I don't like all of this work that we're putting into the economy and then I see rates going up."

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Our own view is that this is an opportunity for Mr. Trump take on the problem of fiat money. That means dollars lacking a definition in law, currency not backed by gold or any other specie. We plunged into the era of fiat money in 1971, when America defaulted on its undertakings at Bretton Woods. By the end of the 1970s, we’d inked an IMF amendment that forbade countries from defining their money in gold. ...

Far better to open this issue up now, which, the president comes so close to doing in, say, his interview with CNBC's Joe Kernan. Mr. Trump acceded to the presidency at a time when Congress was primed to start work on monetary reform. Were Mr. Trump to take on the leadership of monetary reform, he could, in addition to all else, get some respite from the scandals of the day and secure his achievement on the economy.

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