If anyone was worried about whether the Fed was still independent, this should help calm fears.
In a speech at Oklahoma University this afternoon, Dallas Federal Reserve President Richard Fisher took aim at Congress for failing to get a handle on the country’s finances.
“In my view we cannot continue to do what we’ve been doing. If we monetise the debt, if we bail out those that have accumulated debt with inflation by debasing dollar, we will have failed in our duty,” he said.
He then showed the following video, from a group called DebtLimitUSA, which parodies how many view Congress approaches the debt (and how Treasury must go along with what they say).