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New York Sun: Judy Shelton is the right nominee for the Fed

Section: Daily Dispatches

Judy Shelton Is the Right Nominee for the Fed

From the New York Sun
Monday, April 22, 2019

President Trump was understandably reluctant to accept Herman Cain’s request to drop out as a candidate for the Federal Reserve board. He faced the reality of senatorial spinelessness. Four Republicans had indicated they’d shrink from voting for the former chairman of the Kansas City Fed, at least in part over allegations of long-ago sexual improprieties. They didn’t even wait for a hearing.

The good news is that there is an ideal candidate, the economist Judy Shelton. We had no quarrel with Mr. Trump’s choice of either Stephen Moore or Mr. Cain; they both would be fine governors. Mr. Moore still faces a revolt from the economists’ guild, the geshrai from which, John Tamney has argued, underscores the logic of Mr. Moore, who seems to still be in the running. ...

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The kind of thing that makes us think of Ms. Shelton as so particularly ideal is an op-ed the Wall Street Journal issued arguing that currency manipulation is, just as Mr. Trump warned during the campaign, a real problem. She suggested that defenders of our current “global rules-based trading system” should be “wary of thinking their views are more informed than President Trump’s.” ...

Ms. Shelton argues that “intellectually fair-minded people should be able to debate the pros and cons of alternative monetary approaches without rancor.” No less a figure than Paul Volcker has argued that “the absence of an official, rules-based, cooperatively managed monetary system has not been a great success.” Now’s the time to elevate to the Fed those like Ms. Shelton with the vision to chart the road to reform.

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