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(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.
relevant now …
Herman Cain: We need a dollar as good as gold https://t.co/0miy2kgmo1
– Tony Fratto (@TonyFratto) April 4, 2019
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! "
The only problem our economy has is the Fed. They do not have a market feel, they do not understand the need for trade war or strong dollars or even democratists over borders. The Fed is like a powerful golfer who cannot score because he don't have any touch – he can't put it!
– Donald J. Trump (@realDonaldTrump) December 24, 2018
This kind of criticism continues on even after the Fed signed a break in the interest rate increases for 2019.  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."
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