Dallas Fed President Calls for End to “Monetary Morphine”

Tuesday, March 6th, 2012 and is filed under News

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Richard Fisher, one of the few sane voices on the Federal Reserve’s Federal Open Market Committee, had some sharp words for Bernanke’s obsession with quantitative easing and stimulus:

“Trillions of dollars are lying fallow, not being employed in the real economy. Yet financial market operators keep looking and hoping for more. Why? I think it may be because they have become hooked on the monetary morphine we provided when we performed massive reconstructive surgery, rescuing the economy from the Financial Panic of 2008–09, and then kept the medication in the financial bloodstream to ensure recovery….I believe adding to the accommodative doses we have applied rather than beginning to wean the patient might be the equivalent of medical malpractice.”