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Federal Reserve President Goes “Rogue”… Blasts Congress And Fed Money Printing
From Bloomberg:
Federal Reserve Bank of Dallas President Richard Fisher said the Fed can’t avert “fiscal perdition” as lawmakers wrangle over how to avert $600 billion in tax increases and spending cuts threatening economic growth.
“The Federal Reserve has been carrying the ball for the fiscal authorities by holding down interest rates in an attempt to stoke the recovery while the fiscal authorities wrestle themselves off the mat,” Fisher said today in prepared remarks given in Stanford, California. “But there are limits to what a monetary authority can do.”
President Barack Obama said yesterday voters sent a “very clear message” on Election Day that they want both parties to cooperate and cut the budget deficit. If Congress doesn’t act by the end of 2012, automatic spending cuts and tax increases are scheduled to take effect starting in January, resulting in what the Congressional Budget Office predicts will be a recession.
“Only the Congress of the United States can now save us from fiscal perdition,” Fisher said at Stanford University. The Fed can’t “endlessly” keep purchasing bonds to keep the recovery going, he said.
What Fischer should have said was the Fed has destroyed our financial system and should be abolished and prosecuted for fraud and counterfeiting.