The Fed does not know what to do, provides one of its leaders

The Central Bank of United States (EDF) has absolutely no idea of what to do to the economy of the rut, said Wednesday one of its leaders, Richard Fisher.

The truth, however, is that the Committee [of monetary policy of the Fed (FOMC) or the Central Bank] does anyone know actually what hinders the economy”, said Mr. Fisher in a speech in New York, according to the text of his speech distributed to the press.

“No one knows what will work to revive the economy on the right track”, said Mr. Fisher, president of the antenna of the Fed in Dallas, Texas.

Mr. Fisher said that he was opposed to the new monetary easing decided on 13 September by the FOMC.

Taking note of the slowdown affecting the growth economic American since the beginning of the year, FOMC has launched the Fed in new repurchases of asset-backed securities for real estate at a rate of 40 billion dollars per month, and announced that it would continue so as long as “the perspective of the labour market would not improve significantly.

Arguing that thousands of billions of dollars lavished abundantly by the Federal Reserve are sleeping in the coffers of banks, companies, or money market funds, Mr. Fisher believes that continue to flood the market’s liquidity will lead to nothing.

Nevertheless, “I pray that this works”, he said, urging the US Congress to take action to supplement the actions of the Fed instead of doing it once again “to discourage job creation” by refusing to address the issue of U.S. public debt, and thus contributing to unfavourable to investment uncertainty.

“I am tempted to use this hackneyed approximation comparing our Congress led astray to a crew of drunken sailors”, launched this former cadet officer of the U.S. naval school in his audience, but those of you who are Patriots could take shading and to argue that such a comparison could be perceived as an insult to drunken sailors.