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Friday
Mar252011

Fed's Fisher Sees U.S. Debt 'Tipping Point': "If We Continue On Our Current Path The U.S. Will Become Insolvent"

Catch Fisher's interview with Bloomberg from yesterday...

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FRANKFURT (Reuters) - The U.S. debt situation is at a "tipping point," Dallas Federal Reserve Bank President Richard Fisher said on Thursday, and urged the U.S. central bank to refrain from any further stimulus measures.

"If we continue down on the path on which the fiscal authorities put us, we will become insolvent. The question is when," Fisher said in a speech at the University of Frankfurt.

Fisher, seen by economists as one of the most hawkish policymakers within the Fed, said that although debt-cutting measures would be painful, he expected the U.S. to take the necessary actions.

"The short-term negotiations are very important. I look at this as a tipping point."

He said the U.S. economy was now growing under its own steam, but voiced his concerns about building global inflation pressures and said it was now time for the central bank to stop pumping out extra support.

"The Fed has done enough, if not too much, and we should do no more.. In my opinion no further accommodation is necessary after June either by tapering off the bottom of treasuries or by adding another tranche of purchases outright."

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Reader Comments (2)

CDC: “Superbug” Speads To 35 States; Kills 40% Of The People Who Come In Contact

http://blog.alexanderhiggins.com/2011/03/25/cdc-superbug-speads-35-states-kills-40-people-contact-10898/
Mar 25, 2011 at 2:59 PM | Registered CommenterDailyBail
"tipping point"? Well Fisher would certainly be in a position to know. Being one of the twelve golden boys who head the Fed Res banks, they created the bastard known as "The Fed". The privately held Feds fractional reserve banking is doing exactly what it was designed to do. Destroy the host nation, transfer the wealth into a few "chosen" hands and leave the country destroyed from within. Mission accomplished.
Mar 27, 2011 at 11:59 AM | Unregistered Commenterrobertsgt40

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