Dallas Fed President Monetary Cocaine
First it was the hard money Austrian Economic types like Ron Paul, Peter Schiff and Jim Rogers warning on the ills of the Fed’s monetary easing. In recent times we have heard similar warnings from the Bank of International Settlements, Bill Gross and even the Federal Reserve’s own advisory council.
Now we hear from Dallas Federal Reserve President Richard Fisher “We cannot live in fear that gee whiz, the market is going to be unhappy that we are not giving them more monetary cocaine” He talked about how the Fed is debasing the dollar and warned of inflation and ruination of our economy and lifestyle.
Yes indeed, a Fed member harshly criticizing Fed action.
For stock market perma bulls and real estate “now is the best time to buy a home” enthusiasts don’t worry, Mr. Fisher doesn’t have a vote so the quantitative easing should continue until Ben Bernanke finally wakes up after four years of printing trillions of dollars and says “My God What Have I Done”?
The media touted economic “recovery” is only occurring in the unholy trinity of the stock and real estate markets and consumer sentiment. All three were up in October 1929.
Once the markets crash, perhaps the economy will be allowed to start the needed restructuring that never happened after the 2008 crisis.