Dallas Fed chief to Asia: trust us
Richard Fisher argues that the US Federal Reserve has kept fears of debasing the dollar and sparking inflation at the forefront of its strategy for dealing with the crisis.
Despite the unprecedented expansion of its balance sheet, including a new programme to buy long-dated US Treasury bonds, the actions of the Federal Reserve System will neither undermine the US dollar nor spark inflation, argues Richard Fisher, president and CEO of the US Federal Reserve Bank of Dallas.
"I've loudly argued that these risks are a real and present danger," he says, using his reputation as an inflation hawk to bolster his argument, but insisting that all 12 chairs of the various Federal Reserve banks and the central committee members chaired by Benjamin Bernanke are "determined not to violate the tenants of the sanctity of the Federal Reserve".
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