Trump is meeting with an ex-bank CEO who wants to abolish the Federal Reserve and return to the gold standard
Bob Bryan Nov 28, 2016, 11:05 AM
President-elect Donald Trump. Mike Segar/Reuters
As President-elect's Donald Trump's transition rolls on, more and more attention is being paid to possible selections for a variety of high-ranking positions and meetings that might help decide these appointments On Monday, Trump will meet with John Allison, the former CEO of the bank BB&T and of the libertarian think tank the Cato Institute.
There have been reports that Allison is being considered for Treasury secretary.
Trump's has on the campaign trail questioned the future of the Federal Reserve's political independence, but Allison takes that rhetoric a step further. While running the the Cato Institute, Allison wrote a paper in support of abolishing the Fed.
"I would get rid of the Federal Reserve because the volatility in the economy is primarily caused by the Fed," Allison wrote in 2014 for the Cato Journal, a publication of the institute.
Allison said that simply allowing the market to regulate itself would be preferable to the Fed harming the stability of the financial system.
"When the Fed is radically changing the money supply, distorting interest rates, and over-regulating the financial sector, it makes rational economic calculation difficult," Allison wrote. "Markets do form bubbles, but the Fed makes them worse."
Allison also suggested that the government's practice of insuring bank deposits up to $250,000 should be abolished and the US should go back to a banking system backed by "a market standard such as gold."
Allison also argued for higher capital reserves of up to 20% of assets at banks. On the other hand, he also argued that the government should repeal three of the broadest banking regulations.
"We should raise capital standards, but it is even more important to eliminate burdensome regulations — including Dodd-Frank, the Community Reinvestment Act, and Truth in Lending," Allison wrote. "About 25 percent of a bank's personnel cost relates to regulations. Banks cannot pay the regulatory costs and have high capital standards."
This is similar to Trump's desire to roll back regulation — including Dodd-Frank — on financial institutions, though he has since backtracked somewhat.
It is unclear if any of Allison's policy views will ultimately become a part of Trump's plan, but given the unconventional nature of his ideas, the meeting is notable.
Poster Comment:
END THE FED NOW!
#1: Esso To: BTP Holdings, 4um (#0)
I hate to say it, but I think DJT would get JFKd by the money-changers.
Esso posted on 2020-03-31 20:18:38 Reply Private Reply
#2: titorite To: BTP Holdings (#0)
titorite posted on 2020-03-31 22:04:05 Reply Private Reply
#3: Lod To: BTP Holdings (#0)
Lod posted on 2020-03-31 22:40:11 Reply Private Reply
#4: BTP Holdings To: Lod (#3)
Abe Lincoln printed Greenbacks to finance the war. We know what happened to him at Ford's Theater.
JFK printed United States Notes. We know he was taken out at Dealy Plaza.
LBJ's ex mistress told the tale on that scene. LBJ said to her on the eve of the assassination, "After tomorrow I will not be disrespected again." ;)
BTP Holdings posted on 2020-03-31 22:50:59 Reply Private Reply
#5: NeoconsNailed To: BTP Holdings (#0)
NeoconsNailed posted on 2020-03-31 23:12:16 Reply Private Reply
#6: StraitGate To: BTP Holdings (#4)
StraitGate posted on 2020-03-31 23:31:44 Reply Private Reply
#7: Lod To: BTP Holdings (#4)
"A short time later Lyndon, anxious and red-faced, reappeared. squeezing my hand so hard, he spoke into my ear, not a love message, but one I'll always remember: 'After tomorrow, those goddamn Kennedys will never embarrass me again -- that's NOT a threat -- that's a promise.'"
Lod posted on 2020-04-01 00:03:03 Reply Private Reply
#8: Darkwing To: BTP Holdings (#0)
Darkwing posted on 2020-04-01 07:57:35 Reply Private Reply
#9: BTP Holdings To: Lod (#7)
This exposes exactly who was behind the assassination. It was that rat LBJ.
He didn't have to take the oath since he was automatically elevated to the Presidency upon the death of JFK.
BTW, JFK caused tot be printed UNITED STATES NOTES. These had a red seal and were interest free unlike Federal Reserve Notes which did accumulate debt. ;)
BTP Holdings posted on 2020-04-01 08:21:57 Reply Private Reply
#10: Esso To: BTP Holdings, 4um (#9)
I seem to recall a famous picture of LBJ taking the oath on AF1 with Jackie on the way back from Dallas.
Esso posted on 2020-04-01 09:44:04 Reply Private Reply
#11: Lod To: Esso (#10)
Lod posted on 2020-04-01 10:32:01 Reply Private Reply