"It sounds kind of convincing if you have not completed a degree in economics, but it's counterfactual for a good reason," said Darrell Duffie, a finance professor at Stanford University. "Gold is an incredibly volatile asset to the US dollar as we know it today, it's just a false assumption that we would have more stable prices if we switched to the gold standard."
The gold standard has a long history in the republican economy.
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"It's an old idea," said Michael Bordo, an economics professor at Rutgers University who worked under the Schwartz Gold Commission. "This is part of the tradition associated with the Republican Party, there is a group that believes in the gold standard, there is a group that is skeptical of the Federal Reserve from the start, and nothing like that surprises me."
Shelton did not respond to an interview request from CNN.
Given the Fed's criticism of Trump
Shelton, former economic advisor to the 2016 Trump campaign, has recently pleaded for interest rate cuts as well. based on the President's criticism of his own Fed Chairman Jerome Powell. It has also openly questioned the effectiveness of the members of the Fed's interest rate policy committee.
Trump has led an unprecedented public pressure campaign against his hand-picked Fed chairman Jerome Powell. In interviews, he has called Powell "loco", asked if he could be fired, and only last month refused to rule out a downgrade of Powell, if he does not lower interest rates Shelton because of their views on interest rate policy and not gold, "said Duffie.
However, while loner nominees like Shelton would likely create additional turbulence and insecurity and offer shattering views in speeches and interviews, they would be in the minority "The fact that he has selected two people, one of which is extremely good and the other is problematic, "said Bordo," that's better than picking out two people who are problematic. "