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Peter SchiffonX / Twitter1d ago
Powell said that what separates successful from unsuccessful countries is an independent central bank. But the U.S. economy was even more successful before it had a central bank. What separates wildly successful countries from moderately successful countries is a gold standard.
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Accuracy35%
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Tone70%
Analysis Summary
Schiff is pushing his usual gold-standard argument against Powell's defense of central bank independence. The claim that pre-Fed America was more successful ignores the repeated banking panics and brutal depressions of the 19th century that led Congress to create the Fed in 1913. The gold standard claim has no support in modern economics — most economists blame gold-standard rigidity for deepening the Great Depression, and no major economy uses it today. Powell, meanwhile, just announced he'll stay on as a Fed governor after his term as chair ends, citing Trump administration pressure on Fed independence.
Claims Analysis (3)
“Powell said what separates successful from unsuccessful countries is an independent central bank”
Powell has repeatedly defended central bank independence in recent remarks, consistent with this paraphrase.
“The U.S. economy was even more successful before it had a central bank”
Pre-1913 US economy had frequent banking panics (1873, 1893, 1907), severe deflationary depressions, and lower per-capita GDP growth than post-Fed era.
“What separates wildly successful countries from moderately successful countries is a gold standard”
No country currently uses a gold standard; mainstream economists overwhelmingly attribute the Great Depression's severity partly to gold standard rigidity. Claim contradicts economic consensus.
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