Gold Telegraph: Conversations with Judy Shelton, Part 1
Gold Telegraph: Conversations with Judy Shelton, Part 1
Nov. 3, 2024
“I want the United States to be the leader if there’s any kind of gold backing to a currency.” – @judyshel
Economic advisor to former President Donald Trump, Judy Shelton, joins me for a captivating conversation spanning a wide range of subjects.
Judy Shelton is a Senior Fellow at the Independent Institute and author of the book Good as Gold: How to Unleash the Power of Sound Money.
She is the former Chairman of the National Endowment for Democracy and former U.S. Director of the European Bank for Reconstruction and Development. She has testified before the U.S. Senate Banking, Senate Foreign Relations, House Banking, House Foreign Affairs, and Joint Economic Committee.
In our conversation, we explore a series of compelling topics, highlighted by Judy’s riveting career stories, including her interactions with figures like Alan Greenspan, Paul Volcker, and other influential central bankers.
One of the most powerful revelations she shared was Paul Volcker’s frank admission: he had always believed the United States would eventually return to the Bretton Woods system.
For those unfamiliar, Volcker was referencing the pivotal moment known as the Nixon Shock in 1971, when President Nixon abruptly suspended the U.S. dollar’s convertibility into gold, shattering the foundation of the Bretton Woods system.
At that historic moment in history, Volcker served as the Under Secretary of the Treasury for International Monetary Affairs.
This marked the transition to a pure fiat monetary system.
We get into a wide-ranging conversation that covers many topics, which include:
• The US Dollar
• The U.S. National Debt as a Security Threat
• Federal Reserve’s Role in America’s debt and Financial Instability
• Historical Perspectives on Monetary Policy
• Potential Return to a Gold-Backed System
• Comparisons Between Soviet Central Planning and Current Economic Policies
• BRICS Countries and Global Financial Shifts
• Treasury Bond Backed by Gold and the Potential for Gold Backed Stablecoins
+ much more.
I hope you all enjoy this conversation, and a big thank you to @judyshel for joining me for our first Gold Telegraph conversation.
TIMESTAMPS:
0:49 – How much does the US dollar’s global dominance depend on the upcoming election?
2:08 – Is debt a threat to U.S. national security?
3:20 – How responsible is the Federal Reserve for America’s current debt level?
7:54 – How has the Federal Reserve contributed to the financial instability we face today?
13:22 – How do you see today’s shifting global landscape, given your deep background in historical analysis?
19:46 – Are we on the verge of another major global monetary shift, and what might it look like?
29:13 – Was there a specific moment or event early in your career that sparked your interest in the study of gold?
34:09 – Memorable stories from your conversations with Alan Greenspan, Paul Volcker and Robert Mandel
39:22 – How do you define sound money?
46:14 – How interconnected are sound money, economic opportunity, stability, and global peace, especially in today’s polarized world?
49:51 – Why do you think so many policymakers dismiss and mock gold, even as global demand is at records and central banks are stockpiling?
54:13 – How does the Fed’s dual mandate open it to political vulnerabilities, and could a rules-based system address these issues?
59:37 – How does the Fed’s centralized control over interest rates affect what is supposed to be a market-based economy?
1:02:48 – Are central banks aggressive policies eroding or undermining capitalism and the concept of free markets?
1:06:23 – Are BRICS nations positioning gold to become a unit of account and medium of exchange, potentially bypassing the traditional financial system?
1:09:38 – Could imposing tariffs on countries that move away from the dollar actually help America maintain its financial muscle?
1:14:47 – What gives you hope for potential reforms that could create a monetary system supporting economic freedom and stability for everyone?
1:16:58 – Could we potentially see you in the next administration advocating for these policies?
https://twitter.com/i/status/1853109702248280206
Source(s): https://x.com/GoldTelegraph_/status/1853109702248280206
https://dinarchronicles.com/2024/11/03/gold-telegraph-conversations-with-judy-shelton-part-1/
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Gold Telegraph: Judy Shelton Says Debt is a National Security Threat
In my conversation with Judy Shelton, I asked whether debt poses a national security threat to the United States.
She responded, “It is a national security threat, and this has been developing over a long time…”
Watch the entire conversation, here:
The United States Treasury is spending roughly 3% of GDP on interest payments for the national debt, marking the highest ratio since 1996.
The national debt is now nearly $36 trillion.
Do people actually think this can go on forever?
Source(s):
https://x.com/GoldTelegraph_/status/1853175191108477104
https://x.com/GoldTelegraph_/status/1853173647680114982