Fed's Powell explains why gold standard would be damaging to economy


By Thomas Franck
CNBC, New York
Wednesday, July 10, 2019

Federal Reserve Chairman Jerome Powell today told Congress he doesn't think a return to the gold standard in the U.S. would be a good idea.

“You've assigned us the job of two direct, real-economy objectives: maximum employment, stable prices. If you assigned us [to] stabilize the dollar price of gold, monetary policy could do that, but the other things would fluctuate and we wouldn't care," Powell said from Capitol Hill. "We wouldn’t care if unemployment went up or down. That wouldn't be our job anymore."

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"There have been plenty of times in the fairly recently history where the price of gold has sent signals that would be quite negative for either of those goals," he added. "No other country uses it," he added. The Fed is tasked and overseen by Congress to maximize employment and keep prices stable.

Though Powell was quick to distance himself from the Fed nomination process, his comments on the gold standard put him at odds with the writings of Judy Shelton, a current Fed nominee and advocate for monetary policy reforms. ...

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