Judy Shelton, the candidate who wanted to adopt the gold standard strategy to avoid inflation in the dollar, could not sit on the seat of the Fed. Economist Shelton also came up with his statements defending the necessity of the digital dollar.
Incumbent president Donald Trump nominated former Fed Chairman Janet Yellen to Judy Shelton as a candidate for the vacant seat since her retirement in 2018. However, Shelton could not be elected because he did not gain the voting power in the senate.
Judy Shelton most recently took over the US lead of the European Bank for Reconstruction and Development and called for a return to gold standards. Had Shelton’s call been addressed, the value of the dollar would have been tied to a real metal rather than the price that could come from foreign exchange markets.
Why does Shelton defend the gold standard?
In fact, the US adopted this standard in the 1970s until it was abolished in the US under President Nixon. The main reason Judy Shelton argues for the return of this monetary policy is inflation. Using the gold standard, which takes a precious metal with limited supply for the dollar, is an anti-inflationary approach.
In an article published by Judy Shelton in recent years, the point that most US citizens worry about; He stated that their salaries or savings and their purchasing power are being eroded by inflation. Shelton is also against the minting activities that fuel inflation because of this view.
He had also called for the digital dollar
Economist Judy Shelton can be said to be a hot name in the digital currency community with her limited pro-supply and anti-inflation stance for value. Shelton advocated a common currency in an article he wrote in 2018, while demanding an environment that allows digital currencies to be issued with state-backed currencies. Shelton has also called for the legalization of digital currencies and the government to take the issue in a way that allows a healthy currency to compete.
Judy Shelton said in an interview she gave to the Gold Telegraph in May that she loves the idea of the gold standard, and that it can be used in crypto money logic.
“The important point is, do we have a common and unified monetary system in the international market that everyone can use?
In March, Judy Shelton, along with Christopher Giancarlo of the former Commodity Futures Trading Commission, called for a closer look at the digital dollar. Shelton suggested that if the US fails to introduce its digital currency, the country will lose its economic hegemony in the international arena.