Stephen Moore has come up with a proposition for the value of the United States dollar – and a lot of people ARE NOT on board.
What is Stephen Moore’s brilliant idea?
In an attempt to better the United States finances, Moore has advised U.S. representatives that it’s a good idea to return to what is known as The Abandoned Gold Standard.
The standard claims that the value of the dollar should be based on gold prices. According to Moore, this standard would be a lot better than what we are going by now.
However, the practice WAS abandoned back in 1971
What did Stephen Moore want to accomplish with his banking idea back in the day?
Moore called for a proposition to go into effect back when Obama was still in office, and that was to raise interest rates and put a stricter Monetary Process into the works.
This was all in response to the 2008 financial crisis, but he flushed that idea down the toilet since Trump took office.
HOWEVER, Moore’s ideas from back then that have stuck with his history are being dismissed by the Federal Reserve. They claim that his controversial views will not make anything better for the then banking crisis, and for all banking crisis’ in the future (if any).
If every idea he has is being vetoed, what is right about his bold banking idea?
It’s not so much ‘what is right about his bold banking idea’ so much as ‘what is right about his mind’ in general.
President Trump brought him on board for one reason, and one reason alone: To bring transparency to the Federal Reserve. And, with Moore on board, the Fed Reserve is one step closer to achieving such a goal. Yes, he will be a fierce advocate, and yes, he will be a critic in the house, but Trump presumes that a little bit of change will do the U.S. some good.
However, if the value of the U.S. dollar and the interest rates do change, that means that the nations savings and the investments people put their money into will also change.
Is there reason to be skeptical of these changes?
The answer to that question is absolutely.
In a world where cryptocurrency is taking a stand, curiosity and wariness are in order. In a world where we just went through a financial crisis a little over a decade ago, we should worry about the future changes of the world’s finances. But what are we really to do?
What’s the next step?
We know what Stephen Moore’s bold banking idea is, and we know that many people don’t agree with him. We also know that the value of the U.S. dollar and the potential for higher interest rates may change, too.
All in all, we need to make ourselves aware and be prepared for the change in finances in the upcoming years. 2020 may prove to us useful but it may also prove to us impractical. All other information will come in due time.