Dallas Fed President Takes a Stab at Dr. Paul

January 18th, 2011

Fed President Richard Fisher stated:

Those lawmakers who advocate “Ending the Fed” might better turn their considerable talents toward ending the fiscal debacle that has for too long run amuck within their own house. The Fed does not create government debt; fiscal authorities do. Deficits and the unfunded liabilities of Medicare and Social Security are not created by the Federal Reserve; they are the legacy of those who control the purse strings―the Congress, working with the president.

He’s got one thing right, Congress is doing a terrible job at allocating funds and using funds altogether. The Federal Reserve doesn’t construct our entitlement programs, they fund them. However, the Federal Reserve does have the privilege of providing easy money to banks, private companies, and foreign governments.

It’s so obvious where this personal attack is directed, but what do you expect.  Dr. Paul is now the watchman of the Federal Reserve.  Seems as though Richard Fisher of Dallas is feeling a little defensive.  He should be.

h/t LewRockwell.com


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