Right now, there’s a massive chorus in favour of more quantitative easing, as pundits and economists fear a double dip.
Richard Fisher, head of the Dallas Fed, is having none of it.
When asked by Steve Liesman on CNBC, he actually warned that further asset purchases could harm the system by revealing the Fed to be the “handmaiden” of the fiscal policy guys.
In other words: the idea of an independent central bank is a joke if the Fed will keep making asset purchases to satisfy the free-spending congress.
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