Judy Shelton has long advocated for a return to the gold standard.
Washington(CNN Business) The United States abandoned the gold standard in 1971, and today the majority of economists in America believe reviving it would be disastrous for the US economy.
Yet that isn’t stopping President Donald Trump from naming a longtime proponent of returning to the gold standard, conservative scholar Judy Shelton, as his latest pick for a seat on the Federal Reserve Board.
Both of Trump’s most recent previous would-be nominees, conservative analyst Stephen Moore and businessman Herman Cain, endorsed returning to the gold standard. But Shelton is far more identified with her advocacy for the idea, which is based on the belief that the price of gold is stable and would make the dollar less susceptible to inflation or other volatility.