Media Celebrates after Trump's Pro-Gold Fed Nominee Gets Blocked / Commodities / Gold & Silver 2020

            It was only afterhe entered politics that President Donald Trump began to fully grasp the bias, dishonesty,and fakeness that runs throughout the so-called mainstream media.

Butgold bugs and sound money advocates have long known to distrust the reportingof establishment news sources.

Journalists’anti-gold and anti-Trump biases converged this week as the Senate took upPresident Trump’s nomination of Judy Shelton to the Federal Reserve Board.

Shelton,a fierce Fed critic and past supporter of a gold standard, drew intenseopposition from Senate Democrats. She also faced opposition from Republicans LamarAlexander, Susan Collins, and Mitt Romney.

A pathto her confirmation appeared to exist earlier this week, but that path wasblocked, at least temporarily, on Tuesday.

TwoRepublican Senators had gone into quarantine and Democrat Kamala Harris shuttledin from her Vice President in-waiting training to cast a “no” vote.

SenateMajority Leader Mitch McConnell took procedural steps which enable him to bringShelton back up for another vote when the two quarantined Republicans return.But that didn’t stop the press from pronouncing her nomination dead.

“KamalaHarris Rushes Back to Washington to Block Trump From Putting a Crank on the FedBoard,” blared a headline from Slate. The articlesmeared Shelton as a “crank who wants to return to the gold standard and getrid of deposit insurance.”

NPR, somewhat morediplomatically, derided Shelton for “her unorthodox support for the goldstandard, a theory long discarded by mainstream economists.”

Meanwhile, NBC News alsoparroted the party line about Shelton. She is, we are told, “known for herunorthodox support for the gold standard, an archaic policy concept to which nodeveloped economies today adhere.”

Forthose of us in the precious metals community, it’s all too familiar – thepersonal attacks, the equating of gold to a “barbarous” relic of the past, theinvocation of “mainstream economists” as authority figures, etc.

Thevast majority of financial journalists lack the intellectual curiosity to seekout the actual views of sound money advocates. Those who tread too indelicatelyon the gold-suppressing banking cartel are simply blacklisted by major mediaoutlets – as has been the fate of the GoldAnti-Trust Action Committee.

Aclassical gold standard does have potential drawbacks, to be sure.

Forone, it would empower the government to “fix” the price of gold in terms ofU.S. currency and enable it to cheat the system by subsequently raising thegold price – devaluing the dollar – as President Franklin Delano Rooseveltinfamously did.

Many sound money advocates believegold and silver should instead be allowed to circulate freely as money withoutany tax impediments so that they can find their true free market value.

Preciousmetals, along with cryptocurrencies and other alternatives, would have theopportunity to supplant government-issued fiat currencies that are mismanaged.

JudyShelton as a lone voice at the Federal Reserve would obviously lack the abilityto reshape U.S. monetary policy on her own. But the keepers of the prevailingKeynesian, inflationist orthodoxy want to make sure no dissenting voices have aseat at the table.

Otherwisethe media might have to actually take their perspectives seriously.

Journalistsconstantly condition the public to trust the “experts” – no matter how oftenreality proves them wrong or how often they give contradictory advice.

Forexample, the top health experts have proven themselves to be clueless when itcomes to forecasting or mitigating the spread of the novel coronavirus.

Firstthey said travel bans were a bad idea. Then they said masks were a bad idea.Then they said we had to lock down the economy and be forced to wear masks. Nowthey can’t seem to point to compelling evidence on the region-by-region casetrendlines that any of their policy recommendations where adopted have beeneffective.

But nomatter what, the media tells us the anointed public health authorities have tobe believed and the skeptics dismissed, demonized, and censored.

Aftermonths of fomenting economically crippling virus hysteria and pushinginflammatory racial narratives that led to rioting and crime spikes in citiesacross the country, the mainstream media managed to sink its credibility toeven lower lows on election night.

FoxNews joined other networks (though not all) in prematurely calling states forJoe Biden and falsely projecting that Democrats would increase their majorityin Congress.

Infact, President Trump is still contesting some of those states and Republicansdefied the media’s faulty polling models to shrink Nancy Pelosi’s majority andpick up at least nine seats in Congress.

Thebiggest source of election-related misinformation in 2020 was the fake newspumped out by the legacy media and their pollsters.

Regardlessof how President Trump’s policy successes and failures are ultimately judged,one of his most significant accomplishments was to single-handedly discreditthe media in the eyes of much of the public.

Thepublic should also know that financial journalists are just as biased and error-proneas political journalists. They seem to have a special disdain for preciousmetals.

Manyopenly sneer at the sorts of people who buy gold and silver coins instead ofentrusting all their wealth to banks and brokerages.

Investorswould be wise to seek out a true market of information, including fromalternative, non-“mainstream” sources, when it comes to deciding where toallocate capital. The most successful investors are often contrarians – sellingwhat everyone else wants to buy, buying what everyone else wants to sell.

Thefact that sound money principles are so outof favor among policymakers and economists may be a contrarian signal that theyare needed now more than ever.

Stefan Gleason isPresident of Money Metals Exchange, the national precious metals company named 2015"Dealer of the Year" in the United States by an independent globalratings group. A graduate of the University of Florida, Gleason is a seasonedbusiness leader, investor, political strategist, and grassroots activist.Gleason has frequently appeared on national television networks such as CNN, FoxNews,and CNBC, and his writings have appeared in hundreds of publications such asthe Wall Street Journal, Detroit News, Washington Times, and National Review.

© 2020 Stefan Gleason - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.