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Politics

Donald Trump Wants To Terminate The Federal Reserve And Return The Gold Standard

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.

“I would get rid of the Federal Reserve because the volatility in the economy is primarily caused by the Fed,” Allison said.

He also added:

“When the Fed is radically changing the money supply, distorting interest rates, and over-regulating the financial sector, it makes rational economic calculation difficult, Markets do form bubbles, but the Fed makes them worse.”

Allison also suggested to raise the capital reserves up to 20% assets at the banks.

“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,

It is not 100% sure that they will change and return the “Gold system” but they are surely considering it. Trump is still not sure whether he wants to consider this or not. But if he wants, the owners of the Federal Reserve will have a big problem with it.

 

 

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