In a recent exclusive interview with Daniela Cambone on ITM Trading, Judy Shelton, a monetary economist, author of ‘Money Meltdown,’ and former economic advisor to Donald Trump, shared her concerns about the future of the U.S. economy. Shelton is a strong advocate for a gold standard and believes that ‘you can’t have sound money without sound finances.’
Shelton explained the rationale behind a gold standard argument, stating that issuing a gold-backed bond may be the pathway to it. She argued that people often talk about free trade without addressing currency gyrations and how they impact trade. Shelton warned that the United States may face a similar fate as the Soviet Union, which collapsed due to insurmountable debt.
The gold standard is a monetary system where a country’s currency or paper money has a value directly linked to gold. With the gold standard, countries agreed to convert paper money into a fixed quantity of gold. However, the gold standard was abandoned in the 20th century by most countries, including the United States, in favor of fiat money.
Shelton believes that the United States’ current fiscal and monetary situation is unsustainable and raised concerns about the country’s ability to remain solvent in the long term. She emphasized the importance of having sound finances to ensure a stable and reliable currency.
Shelton’s argument for a gold standard is based on the belief that it provides a solid foundation for a currency’s value and ensures that central banks cannot print money without limit, thereby preventing inflation. However, some economists argue that a gold standard can limit a government’s ability to respond to economic downturns with expansionary monetary policy.
Regardless of one’s position on the gold standard, Shelton’s warning about the U.S. fiscal and monetary situation is worth considering. The United States has a large and growing national debt, and the country’s budget deficit has increased significantly in recent years. The U.S. Federal Reserve has also engaged in quantitative easing, which involves printing money to buy government bonds, in an effort to stimulate the economy.
Shelton’s interview highlights the importance of having sound finances to ensure a stable and reliable currency. While a return to the gold standard may not be the answer, it is clear that the United States needs to address its fiscal and monetary challenges to ensure a sustainable and prosperous future.
In conclusion, Judy Shelton’s interview with Daniela Cambone on ITM Trading provides a thought-provoking discussion on the future of the U.S. economy and the potential return to a gold standard. While the gold standard may not be the solution, Shelton’s warning about the U.S. fiscal and monetary situation is a call to action for policymakers to address these challenges and ensure a stable and prosperous future for the United States.
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