Former Fed nominee Judy Shelton unloaded on Fed Chair Jerome Powell in a Sunday Wall Street Journal op-ed, branding the central bank’s 2% inflation target a policy of “intentional debasement” and invoking James Madison‘s view that a depreciating currency is unconstitutional because it erodes property rights.
The timing is not subtle.
Kevin Warsh, the man Trump actually nominated, faces the Senate Banking Committee on Tuesday with his path already bruised by the Justice Department’s inquiry into Powell’s testimony about Fed headquarters renovations.
The Op-Ed That Doubles As A Job Application
Shelton was technically supportive of Warsh, citing his past IMF remarks on central bank overreach.
But the bulk of the piece is her own pitch: gold-standard sympathies, skepticism of Fed discretion, and openness to currencies that could compete with the dollar.
She also took direct shots at Powell for 31% cumulative inflation since 2018 and for failing to apologize, let alone resign, for missing the Fed’s own targets. …
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