Trump’s lady-in-waiting for the Federal Reserve, Judy Shelton, is losing Republican support by the day. The Washington Post unleashed its comeliest columnist, Catherine Rampell, to finish off Shelton, whose primary negative is her past support for the gold standard and her questioning the need for the central bank at all.

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In spite of fierce opposition from numerous US senators—and countless screeds against her issued by pundits and establishment economists—Judy Shelton still has a chance of being confirmed to the Fed Board of Governors this week.

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Gone are the days of the Federal Reserve hiding in the shadows. Now it’s a woke central bank fighting for climate and racial justice. Progressives must not fall for this but instead team up with the populist right to audit the Fed and demand transparency.

Central banks continue to be obsessed with inflation. Current monetary policy is like the behavior of a reckless driver running at two hundred miles per hour, looking at the rearview mirror and thinking, “We have not crashed yet, let’s accelerate.”

Central banks believe that there is no risk in current monetary policy based on two wrong ideas: 1) that there is no inflation, according to them, and 2) that benefits outstrip risks.

In the Financial Times from November 2, 2020, the International Monetary Fund chief economist Gita Gopinath suggested that world economies at present are likely to be in a global liquidity trap. Gopinath has reached this conclusion because the yearly growth rate of the price indexes has been trending down despite very low interest rates policies. According to the IMF chief economist, central banks have lowered interest rates to below 1 percent and in some countries interest rates are at present negative.

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After becoming the apparent president-elect, Joe Biden clearly promised to unify Americans. However, that promise was in sharp contrast to what his campaign promises would actually achieve.