“Judy Shelton, a Trump nominee to the Fed Board of Governors, may not have coined the excellent term “Fed bug,” but she used it to delicious effect in this Financial Times interview: “People call me a goldbug, and I think, well, what does that make them? A Fed bug,” she says.
“For our purposes, “Fed bugs” are people with a faith-based belief in the power of central banks (and central bankers) to engineer economic growth using “monetary policy,” despite decades of history and current evidence to the contrary….
“They hate gold because it never goes away and never goes to zero. It holds monetary value intrinsically, without the imprimatur of a sovereign or government. Gold does not need the state or its bankers to operate as money, because individuals choose it as money on the market century after century.”