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Fed Official Richard Fisher Channels Ron Paul, Admits that Fed Policy Hurts Savers through Inflation

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.

http://www.moneynews.com/StreetTalk/Fed-richard-Fisher-US/20...



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Fisher

Fisher has always been the least clueless of the bunch, but he carries little weight with the Bernank.

Ĵīɣȩ Ɖåđşŏń

"Fully half the quotations found on the internet are either mis-attributed, or outright fabrications." - Abraham Lincoln

Money is like Water

Or liquor:

“There’s lots of liquidity sloshing around the U.S. financial system,” Fisher said. “We are seeing signs of all the intoxication that typically takes place when we have the ambrosia of cheap and readily available capital.”

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