John Maynard Keynes, the progenitor of modern macroeconomics, famously dismissed the gold standard as a “barbarous relic.” Commodity monies have been held in low regard by economists ever since. The disdain has spread to noneconomists in policy making circles, as well.
Dr. Judy Shelton is a rare exception. She is a well-known defender of the gold standard. For this reason, her nomination to the Federal Reserve’s Board of Governors has been somewhat controversial. Even the Republicans on the Senate Banking Committee seemed concerned about her support for gold. (Shelton directed the Sound Money Project, before it was acquired by AIER. I have been associated with the project since 2014.)
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