Listen: Powell assails gold standard supported by Trump Fed nominee
"Problem with the gold standard for the left where the U._S. dollar would be anchored to a standard in gold is the left hates this idea joe and why because it takes away their ability. This is why they're freaking out of a trump's new pick on Judy Shelton she spoken positively about the gold standard to spend us into oblivion. The left loves the idea of of our money not being anchored to anything so the way of saying more primitive gold standard would work joe is we would only be able to create new money based on the availability of gold and the availability of that gold would be exchangeable when you can walk in with a dollar a U._S. dollar and say all right well. This isn't a more again primitive gold standard S- call it a hard gold standard joe would be able to walk into a bank and say I want to exchange my U._S.. Dollar redeemable in gold for I don't know whatever it may be a nail clipper worth their goal wouldn't even be worth that if you had a thousand dollars technically unikely you could walk into a bank or and get your money back in gold that would be a hard gold standard right. That's not really the way the gold standard would work in a modern economy but that simple analogy explains plains appoint that it would do what show it would constrain the government's ability or the Federal Reserve they you know it's not really a government entity kind of it is but the Federal Reserve could not create new money unless they found new goal which would limit their ability to print new dollars. Why do the Democrats hate this and why are they panicking about Judy Shelton and the media people because folks the Democrats want to monetize debt? They WANNA spend us into oblivion like they're doing now with their twenty. Two trillion dollars of accumulated government debt they want to spend us into the Phantom zone and the way they know they can never pay this off. We're not going to be able to pay off this debt so the Democrats and the Liberals Liberals want to be able to print money they call this modern monetary theory. I call it steaming piles of hot garbage. Just like the Flynn case right they want the Federal Reserve to be able to endlessly print new money not constrained by a gold standard to pay off all debt now. If you're listening in here on send you like Joe. What's the problem that sounds great so the government could spend money on social programs social security Medicare Medicaid chip food stamps endless government hermit pork projects and basically can print money? What's the problem Dan the Problem Ladies and gentlemen is endlessly print new money because you're not constrained by any kind of a gold standard and you're just do your measure of money keeps going all over the place right right yeah money buys? This money buys money buys. This money buys this. Why because it's more money chasing the same products which requires the price they go up which means the value of your money goes down if the price"