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    Herman Cain, Trump's next pick for the Fed, embraces the stupidest idea in economic policy

    by Michael Hiltzik, Los Angeles Times Apr 05, 2019 5 minutes

    Economic policy experts rolled their eyes at President Trump's last reported nominee for the Federal Reserve Board, Stephen Moore, a right-wing ideologue with an almost unblemished record of getting his facts and economics wrong.

    But news of Trump's choice for a second vacancy on the seven-member board has them distinctly nervous. It's Herman Cain, a former pizza chain executive best known for staging a clownish campaign for the 2012 Republican nomination for president (he dropped out after accusations of sexual harassment surfaced).

    What makes economists so wary about Cain is his advocacy of one of the dumbest ideas on the monetary landscape - a return to the gold standard. Cain spoke up for the gold standard in a notorious May 2012 op-ed in the Wall Street Journal and in a book published around

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