Stephen Moore, who used to play the role of an economist on television shows looking for Trump supporters, has found that being nominated to a real position on the real Federal Reserve Board means people start taking you seriously. That is bad news for Mr. Moore.
In this somewhat blurry video, Erin Burnett asks him if he supports returning to the gold standard. Moore, used to getting away with saying anything as a reality TV star, denies he ever said anything about it. Burnett won’t have it, and the video clip that follows is almost painful to watch:
Moore then tries to save himself by suggesting that maybe the dollar should be tied to a basket of 30 commodities. Burnett, who used to work at CNBC, immediately starts down the road of what might happen to the dollar when oil prices surge. Moore responds that maybe the Fed was responsible for oil prices going wild. (Why be tied to those old theories about supply and demand?)
This is another in the series of diaries speculating what a major story this would be had Obama proposed such an unqualified nominee. Or Bush. Or anyone else. Perhaps when Trump promised to find the “best people,” he was thinking about finding people who make Trump look smart. We can only be grateful that there are seven seats on the Fed Board of Governors.
Because Mr. Moore seems to have a problem thinking things through, Elizabeth Warren was kind enough to send a letter today giving hem 2 weeks to think about nine questions. Here are the first two:
1. On November 28, 2018, you stated that Federal Reserve "should not have the mandate of getting to full employment."
a. Do you maintain this view today?
b. If so, how will it affect your actions and statements if you are confirmed as a
member of the Board of Governors?
c. Which economists share this view?
2. In August 2016, you stated, "I am not an expert on monetary policy."
a. Do you hold the same view today?
b. If not, how do you account for this shift in your views?
c. Do you believe that the country is best served by having someone who is an
expert on monetary policy, or someone who is not an expert on monetary policy, on the Board of Governors?
Letter from Warren to Moore (Hint: The next 7 questions don’t get any easier.)
Watching the Senate confirmation hearing should be great entertainment.