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President Trump’s pick to lead the Federal Reserve, Judy Shelton, believes in a rules-based approach and a cryptocurrency-like gold standard.
President Trump often picks fights with the Federal Reserve, claiming that the entity is stopping the economy from unleashing its full potential. If he wins reelection, he plans to replace the current Fed Chairman, Jerome Powell, with his economic advisor Judy Shelton.
Judy Shelton would not be your typical Federal Reserve Chairwoman. For one, she is known for being a staunch critic of the central bank and believes that we should someday transition back to the gold standard. She’s on record saying that a return to a Bretton Woods-style standard would be a step in the right direction and “if it takes place at the Mar-a-Lago that would be great.”
However, Shelton doesn’t just want us to go back to ‘sound money’ with gold like the old days — she also believes in updating the concept with the help of cryptocurrencies.
Speaking to Investing News Network, Shelton told a reporter recently that if we were to adopt a gold standard it should be done in a “cryptocurrency type of way.” A blockchain-based system would ensure that “everyone is playing on a level monetary playing field” while also making the entire process transparent.
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The Federal Reserve already plans to someday digitize the dollar, but Shelton’s comments would take the Fed’s adoption of blockchain a step further, making it the basis of our entire monetary system.
Granted, it would be difficult to imagine a return to the gold standard at this point in time. It would also require a complete overhaul of the current economic order which seems unlikely given the political climate in Washington. Still, Shelton clearly is open to the idea of cryptocurrencies. If she secures the position of Fed Chairwoman, we just may see new cryptocurrency-related initiatives come to surface.
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