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You are here: Home / Archives for Judy Shelton

Fed Candidate Slams Central Bank’s ‘Soviet’ Power

May 31, 2019 at 8:46 am EDT By Taegan Goddard Leave a Comment

Judy Shelton, a senior U.S. official who is being vetted for a job on the board of the Federal Reserve, told the Financial Times that the the central bank wields undemocratic, Soviet-style powers over markets.

Said Shelton: “How can a dozen, slightly less than a dozen, people meeting eight times a year, decide what the cost of capital should be versus some kind of organically, market supply determined rate? The Fed is not omniscient. They don’t know what the right rate should be. How could anyone?”

She added: “If the success of capitalism depends on someone being smart enough to know what the rate should be on everything… we’re doomed. We might as well resurrect Gosplan.”

Filed Under: Financial Markets Tagged With: Judy Shelton



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goddard-bw-snapshotTaegan Goddard is the founder of Political Wire, one of the earliest and most influential political web sites. He also runs Political Job Hunt, Electoral Vote Map and the Political Dictionary.

Goddard spent more than a decade as managing director and chief operating officer of a prominent investment firm in New York City. Previously, he was a policy adviser to a U.S. Senator and Governor.

Goddard is also co-author of You Won - Now What? (Scribner, 1998), a political management book hailed by prominent journalists and politicians from both parties. In addition, Goddard's essays on politics and public policy have appeared in dozens of newspapers across the country.

Goddard earned degrees from Vassar College and Harvard University. He lives in New York with his wife and three sons.

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