Trump Picks Gold Standard Lawyer Herman Cain For the Federal Reserve Board

Editor's Note: Get caught in minutes with our quick summary of today's must-read news reports and expert statements that moved precious metals and financial markets.

  Sign up here! </strong></span></p><div class=

  Kitco Daily Recap

  Trump Picks Gold Standard Attorney Herman Cain For Federal Reserve Board

(Kitco News) – US President Donald Trump is planning to nominate Herman Cain, former Republican presidential candidate and a long-lasting gold bow, for a place on the Federal Reserve Board, according to media reports.

"Trump plans to announce his election very soon, said three people who asked not identified discuss the nomination because it has not been announced, Bloomberg reported on Thursday.

Cain is an avid supporter of returning to the gold standard. in detail during his 2012 Republican presidency's nomination campaign, which he dropped out at the end of 2011 due to sexual harassment charges.

In an upgraded 2012 Wall Street Journal, Cain explained why he supports the return to the gold standard.

"But imperfect a gold standard can be, it is still the best of all options. The empirical data for both the classic gold standard, which I favor – and even the erroneous "gold exchange standard" we had under the Bretton Woods system is impressive. Economic growth was stronger, unemployment lower, price level stabilized, and setbacks less and less severe than in today's system … A gold standard is for moochers and looters in government what sunlight and garlic are for vampires, "Cain wrote.

In a otherwise, Cain said, "Yes, I believe in the gold standard. We should never have gone out of the gold standard because when we got out of the gold standard, the congress got to inflate our currency when they crossed. Now look at the mess we have. "

The nomination comes despite a heavy Trump criticism by Fed chair Jerome Powell. By the end of last year, Trump Fed's high prices attacked and possibly fired Powell.

" The only problem Our economy is, is the Fed, "Trump tweeted." They don't have a market feel, they don't understand the need for trade war or strong dollars or even democratically over borders. The Fed is like a powerful golfer who can't score because he has no touch – he can't putt! "

This kind of criticism continues on even after the Fed signed a break in the interest rate increases for 2019. [19659006] Cain's nomination would fill one of the two open seats on the Federal Reserve Board, the second place will go to Stephen Moore, a conservative economist and a Trump supporter.

Apart from the GOP's presidential campaign, Cain served as director of the Federal Reserve Bank of Kansas City from 1992 to 1996.

Like Moore, Cain is also an incredible Trump supporter, and in September he co-founded a pro-Trump super-political action committee – America Fighting Back PAC m stands on his website: "We must protect Donald Trump and his agenda from impeachment."

Disclaimer: The views expressed in this article are the author's and may not reflect those of Kitco Metals Inc. ] The author has made every effort to ensure the accuracy of the information provided; However, Kitco Metals Inc. or the author cannot guarantee such accuracy either. This article is for informational purposes only. It is not a call to make exchanges in goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept liability for any loss or damage arising from the use of this publication.

Source link

Back to top button

mahjong ways

mahjong slot