Fed Official Richard Fisher Channels Ron Paul, Admits that Fed Policy Hurts Savers through InflationSubmitted by bobbyw24 on Wed, 03/23/2011 - 08:14
The United States is on a fiscal path towards insolvency and policymakers are at a "tipping point," a Federal Reserve official said on Tuesday.
"If we continue down on the path on which the fiscal authorities put us, we will become insolvent, the question is when," Dallas Federal Reserve Bank President Richard Fisher said in a question and answer session after delivering a speech at the University of Frankfurt.
“No further accommodation is needed after June,” including by tapering the central bank’s purchases, said Fisher, who votes on monetary policy this year. “Doing so would only prolong the injustice that we have inflicted” on savers through inflation, he said.