richard fisher

A Fed Governor speaks honestly to us about the costs and risks of our monetary policy

Summary: Fed officials see as tools their ability to manage our confidence and expectations. This means a constant policy of exaggeration and distortion in their speeches, as truth and plain-speaking are secondary considerations. But there are exceptions. Perhaps the most famous is Bernanke’s 2002 “the U.S. government has a technology called a printing press” speech. …

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Another warning from our leaders, which we will ignore

One interesting aspect of the tough times ahead (i.e., my forecast) concerns the reaction of the American people.  We have been warned by so many major leaders and institutions (see this archive) that chanting our 21st century mantra of “it’s not my fault” will be difficult.  However I have confidence that we will find a way to …

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