Central Banker: Debt Ceiling Crisis Is an Embarrassment For My Country

Dallas Federal Reserve Bank’s President does not mince words over Congress’s self-inflicted fiscal crisis

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Kevin Lamarque / Reuters

The U.S. Capitol is photographed through a chain fence in Washington September 30, 2013.

U.S. Central Banker Richard Fisher said Congress’s inability to strike a deal to end the federal budgetary impasse and extend the debt ceiling, which could cause the government to default on its sovereign debt, was inexcusable as he addressed a crowd in Dallas on Monday.

“I deeply hope and I don’t think we’ll default, but it will come down to the wire,” said Fisher at a forum at Southern Methodist University, according to Reuters. “It’s an embarrassment for my country.”

[Reuters]

2 comments
MrObvious
MrObvious

Sure is. Greatest nation on earth and the strongest economy and it's held hostage by a bunch of window lickers that think default sounds like a swell idea.

I'm okay with a bunch of geriatric former gynecologists turned politicians telling people about biology and God - it's traditionally the kind of political quacks that we've dealt with and it won't change who I see for healthcare needs anyways.

But economic advice from a bunch of libertarian Ayn Randers? No thanks.

ViableOp
ViableOp

While Congress and the Senate play games, here is a look at an article that suggests that the United States federal government may be reaching the point of "Peak Debt":

http://viableopposition.blogspot.ca/2013/09/the-peak-debt-twilight-zone.html

In large part, this situation has arisen thanks to a combined effort by an intransigent Congress and a Federal Reserve Chairman who has subjected the economy to a very long period of zero interest rates.  Mr. Fisher need look no further than his own boss to find at least part of the blame for the debt problem.