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After the Stephen Moore debacle, Trump is once again, with Judy Shelton, trying to install a Fed governor who warned repeatedly and wrongly about easy money causing runaway inflation during the financial crisis, but is now on board with slashing interest rates for Trump 1/
These two episodes, combined with the response of more mainstream hard-money types to the Moore nomination – either endorsement or silence – suggest to me that we need to reevaluate what all that inflation fear mongering was about 2/
I used to think that it was mainly genuine if wrong-headed conviction, with an admixture of cynical politics/economic sabotage: these people were against easy money in general, but especially if it might help a Democratic president 3/
But at this point it looks as if it was almost all cynical politics. Gold prices are surging; hard money advocates should screaming for tighter, not looser, monetary policy. But I can't think of a single prominent hard-money person doing that 4/
So the evidence suggests that it was always about crippling the Obama economy while giving Trump a boom. If there were any sincere hard-money people, they appear to have abandoned whatever principles they may once have had 5/
