At one of the most crucial moments in recent Fed history, Fed Chair Jay Powell went to Capitol Hill today to talk about the economy and monetary policy. Since he was appearing before the House however, some idiot predictably asked him about the gold standard.
The Fed Chair clearly couldn’t believe he had to explain this again, but:
“The idea would be Congress would have to pass a law and that law would say that our job with monetary policy is to … stabilize the dollar price of gold. And we would then not be looking at maximum employment or stable prices,” Powell said from Capitol Hill. “There have been plenty of times in the fairly recently history where the prices of gold has sent signal that would be quite negative for either of those goals.”
“No other country uses it,” he added.
He did not give in to the obvious impulse of yelling “Don’t I put up with enough stupid bullshit?!”