I have to wonder about this sudden bout of conscience/honesty stemming from an inherently dishonest individual. How could Fisher work for the Federal Reserve system but oppose Quantitative Easing? Is he really so foolish as to be where he is yet not understand that Quantitative Easing, in one form or another, is what the Fed is all about? ... is what the Fed has ALWAYS been all about? I'm dismayed.
I think it's most likely that the Fed decided that it didn't want to have 100 percent support for QE3 so that if it DOESN'T produce the (supposedly) desired results, the organization won't look as if it's been taken by total surprise. Hedging their bets, so to speak.
Or maybe Fisher's just a pi$$ed off, non-voting member who's getting set to leave and wants to cause some trouble. What better way than this to exit the Fed? He makes a name for himself and sets the stage, if QE3 *does* fail to stimulate a recovery, for a best selling book. It's all about money (LOL!) with these Fed guys, after all.
September 20, 2012
Fed dissident says latest easing won't help economy
By Reuters
The U.S. economy does not need more liquidity in the form of Federal Reserve bond purchases because it will not induce businesses to borrow, invest and hire, a top Fed official said on Wednesday.
Dallas Fed President Richard Fisher, a policy hawk who opposed the central bank's decision last week to launch a third round of quantitative easing, or QE3, also warned that the "slightest deviation" from the Fed's 2 percent inflation target could be "debilitating" for financial markets.
Fisher, in remarks prepared for delivery to the Harvard Club of New York City, said his arguments against more accommodation did not convince fellow policymakers at the Fed's meeting last week, after which Chairman Ben Bernanke received broad support from colleagues for buying $40 billion in mortgage-backed securities per month in an effort to boost U.S. employment.
.
.
.
The Fed's policy change was passed by an 11-1 vote, according to a central bank statement. Fisher, who can attend meetings of the policy-setting Federal Open Market Committee, is not currently a voting member.
http://economywatch.nbcnews.com/_news/2012/09/19/13969468-fed-dissident-says-latest-easing-wont-help-economy?lite
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
| 