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Wall Street Journal/Judy Shelton/3-8-2021
USAGOLD note : In this fundamentally sound analysis, Judy Shelton, the shunned Trump nominee for the Federal Reserve Board, demonstrates convincingly why Congressional Republicans never should have rejected her for a position on the central bank’s Board of Governors. She puts her finger on one of the key reasons why the economy remains stubbornly on hold despite the Fed’s massive money creation over the past year. “[T]he implications for productive economic growth,” writes Shelton, “should give pause to Fed officials, who might ask themselves why banks have chosen to retain reserve balances in their Federal Reserve depository accounts at sky-high levels, $3.15 trillion at present, despite the Fed’s elimination of all reserve requirements in March 2020.”
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