This is a news note based on a recent twitter exchange with Dr. Judy Shelton. Dr. Shelton was an adviser to the Trump economic team and also a recent participant in the Kemp Foundation forum on exchange rates which we covered here. She is also talked about as a possible nominee for the Federal Reserve.
Dr. Shelton mentioned on her Twitter feed that she sees the gold convertible US bonds she talked about at the Kemp forum as "a first step towards a gold-linked common currency based on national currencies".
When I saw her Twitter comment on this I asked her for a little more detail on what she has in mind since moving towards a gold-linked common currency would clearly be the kind of major monetary system change we watch for here. The result was this Twitter exchange you can see below:
By gold linked "common currency", are you thinking of some kind of supranational currency or just the US dollar used differently?
Larry, I am thinking of a new common currency, voluntary, linked by gold (and silver) resulting from sovereign issuance of debt securities.
Please note that Dr. Shelton has in mind a new common currency linked to gold and silver rather than the US dollar. This suggests some kind of common currency used globally on a voluntary basis. This is obviously significant news since Dr. Shelton does have input into the Trump Administration.
Also, we have this recent Twitter comment by Jim Rickards (see below) in which he talks about the possibility of Trump calling for an international monetary conference at Mar-a-Lago.
This gives us an idea what to watch for. If an international monetary conference does take place under Trump, we can expect that the kind of issues we cover here will be discussed and that Dr. Shelton may have some input at such a conference. We will keep an eye out for it.
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When Trump convenes an international monetary conference at Mar-a-Lago you can say you heard it here first. Sarah got the scoop.
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Added note: Dr. Shelton did this recent interview on CNBC with Rick Santelli.
Added note 6-18-17: Dr. Shelton adds this comment on her Twitter feed.
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Added note: Dr. Shelton did this recent interview on CNBC with Rick Santelli.
Added note 6-18-17: Dr. Shelton adds this comment on her Twitter feed.
The Boston Fed chief recently said they are going to start working with blockchain technology and proving its security. Initially, they will do transactions within the Boston Fed, then slowly expand into smaller areas. He said it has promise, but will be years away. He said the technology is like the internet in the early 90s, with lots of promise but very nascent.
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