QE Infinity Won’t Work, What the Banks Are Really Afraid Of …
Oct 18, 2012
Dallas Federal Reserve President Richard Fisher recently offered a stunning assessment about our policymaking central bankers down in Washington.
They’re winging it.
In a talk before a Harvard Club audience, Fisher presented a candid assessment about all the levers the Fed has been pulling in the aftermath of the 2008 financial crisis. And that includes the recently announced QE3.
“Nobody really knows what will work to get the economy back on course. And nobody-in fact, no central bank anywhere on the planet-has the experience of successfully navigating a return home from the place in which we now find ourselves. No central bank-not, at least, the Federal Reserve-has ever been on this cruise before.”
I don’t know about you, but the idea that four years and trillions of dollars into this quantitative easing voyage we’re still sailing without a compass isn’t just appalling.
Yet this ship of fools sails on.