Monday , October 14 2019
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Falling in love

Summary:
Here’s Judy Shelton, recently nominated for a position at the Federal Reserve Board: Ms. Shelton has been a vocal defender of the Trump administration’s foreign policy. In a December 2017 opinion piece in the Journal, she praised Mr. Trump’s efforts to invest more in the military to counter antidemocratic threats abroad. “No one would accuse Mr. Trump of mushy sentimentalism when it comes to foreign policy,” she wrote. And here’s a typical recent news story: “I was really tough and so was he, and we went back and forth,” Trump told an adoring crowd of thousands at Wesbanco Arena in Wheeling. “And then we fell in love, OK? No, really, he wrote me beautiful letters, and they’re great letters. We fell in love.” North Korea’s foreign minister, however, suggested the bloom may be

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Here’s Judy Shelton, recently nominated for a position at the Federal Reserve Board:

Ms. Shelton has been a vocal defender of the Trump administration’s foreign policy. In a December 2017 opinion piece in the Journal, she praised Mr. Trump’s efforts to invest more in the military to counter antidemocratic threats abroad.

“No one would accuse Mr. Trump of mushy sentimentalism when it comes to foreign policy,” she wrote.

And here’s a typical recent news story:

“I was really tough and so was he, and we went back and forth,” Trump told an adoring crowd of thousands at Wesbanco Arena in Wheeling. “And then we fell in love, OK? No, really, he wrote me beautiful letters, and they’re great letters. We fell in love.”

North Korea’s foreign minister, however, suggested the bloom may be off the rose. Ri Yong-ho, speaking to the U.N. General Assembly in New York on Saturday, said his country won’t dismantle its nuclear weapons program [without?] seeing “trust-building” measures from the U.S.

Thank God that Trump is not a mushy sentimentalist.

Actually, I feel bad even joking around about this subject:

Presented to the War Crimes Committee in Washington D.C. in 2016, the defectors’ testimonies included accounts of prisoners being tortured or killed because of their religious affiliation, forced abortions, and infanticide. One account described a prisoner’s newborn being fed to guard dogs. Each year at one of the camps, according to defector testimonies, authorities deliberately overwork and starve to death between 1,500 and 2,000 mostly child prisoners.. .

Before the report’s publication, former ICC judge Thomas Buergenthal, a child survivor of Auschwitz, told the Washington Post, “conditions in the [North] Korean prison camps are as terrible, or even worse, than those I saw and experienced in my youth in these Nazi camps and in my long professional career in the human rights field.”

Shelton has gone from favoring tighter money a few years ago to favoring looser money today, for reasons that I am not able to understand.

PS.  Christopher Waller of the St. Louis Fed was also nominated for a position at the Board.  He is appropriately skeptical of the utility of Phillips Curve models.


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Scott Sumner
Scott B. Sumner is Research Fellow at the Independent Institute, the Director of the Program on Monetary Policy at the Mercatus Center at George Mason University and an economist who teaches at Bentley University in Waltham, Massachusetts. His economics blog, The Money Illusion, popularized the idea of nominal GDP targeting, which says that the Fed should target nominal GDP—i.e., real GDP growth plus the rate of inflation—to better "induce the correct level of business investment".

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