Rumors are circulating that President elect Donald Trump is planning to appoint libertarian John Allison as Treasury Secretary. The move will scare the hell out of the establishment and is not surprising when you consider that Trump has already questioned the future of the Federal Reserve’s political independence.
Allison wants to go one step further and abolish the Fed all together. The free market thinker would prefer to let the market regulate itself and suggested he is in favour of abolishing the practice of the government insuring customer depositors.
In 2012, Allison said, if he was in charge, he would get rid of the Federal Reserve because if the Fed exists, congress can print money at will as they would prefer to print than increase taxes. Allison is also a strong advocate of the classical gold standard and believes the U.S. should return to virtues of the constitution.