Trump’s Very Goodfriend: Fed nominee warns of asset bubbles, supports stable currency

Marvin Goodfriend, a professor at Carnegie Mellon and former economist at the Richmond Federal Reserve Bank, doesn’t like gold, advocates a tax on cash, loves subzero interest rates, and hated the last round of quantitative easing (QE).

A gold-hating, cash-bashing, negative rate-loving governor at the United States central bank? That’s likely.

Goodfriend testified at the Senate Banking Committe confirmation hearing on Tuesday morning, promising to boost transparency, increased accountability, and offer a “different perspective.”

Here are the key takeaways from his testimony:

– He thinks the Federal Reserve is on the right path.
– He agrees that a stable currency is important to have to maximize employment.
– He supported the first two rounds of QE, but disapproved of the third installment because “it was not called for.”
– He suggests that asset bubbles could be forming, which worries him about financial stability.

What was President Donald Trump thinking?

Like this article? Get ECN delivered to your inbox daily. Subscribe here.

Comments

  1. Yeah what was Donald Trump thinking when he hired Goodfriend? If he’s a gold hater it’s because he’s a NWO scumbag.

Leave a Comment