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New York Sun: Avoiding 'price volatility' is no defense for Fed against Shelton

Section: Daily Dispatches

Judy Shelton Gets a Green Light for Vote by Full Senate

From The New York Sun
Tuesday, July 21, 2020

The vote of the Senate Banking Committee to confirm Judy Shelton for a governorship of the Federal Reserve marks an important step in the right direction for our central bank.

It was a party-line vote, but it sends the nomination to the floor with a favorable signal -- amid a Covid crisis that has put great strains on the economy. The Washington Post reckons the nomination "will likely be assured through a vote by the full Senate."

... Dispatch continues below ...


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We certainly hope so, though we take nothing for granted. As the vote neared in the Banking Committee, there was a flurry by the Democrats to try to reopen the debate on Shelton within the committee. "The last thing we need right now," said Sen. Sherrod Brown, the ranking minority member, "is more price volatility and instability that will only end up hurting working families and businesses more."

Price volatility? One has to pinch oneself to remember that as Senator Brown was speaking, the value of the Federal Reserve's one-dollar electronic irredeemable paper ticket note was plunging yet again -- to less than an 1,840th of an ounce of gold. That means that the value of the scrip America’s “working families” use as their money is off 35 percent since President Trump acceded to office. It's nigh the weakest dollar in history. ...

... For the remainder of the commentary:

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