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RICHARD FISHER: “A FISCAL RECKONING IS UPON US. THE GIG IS UP.”

No comment necessary on this speech from Richard Fisher. This man is a voting member of the FOMC. Such strong and misguided commentary shows how off point the current perspective and approach is:

“Presently, all eyes are focused on the budget negotiations in Washington as the debt-ceiling clock ticks on. Aesop’s classic fable comes to mind. Rather than work like ants to build and store for difficult times, our fiscal authorities—Congress after Congress, under Republican and Democrat leadership alike, and with presidents of both parties occupying the White House―have been proverbial grasshoppers. Except for a few interludes, they have partied along for decades using the people’s money as though life were an endless summer, storing nothing to draw upon for the blustery fall and the bleak winter that inevitably follow. Now a fiscal reckoning is upon us. The gig is up. Congress can no longer carry on as before, oblivious to the deleterious effect of spending our, and the successor generations’, money with unfunded abandon.”

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