Dallas Fed's Fisher Says Fed's Duty Is "Not To Monetize" Debt

Tyler Durden's picture

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
slow_roast's picture

WHY NOT?  I thought I paid into the debt monetization entitlement programs!

flacon's picture


6 String's picture

Zero Hedge already nailed it, t wit: 2.6 trillion too late. The problem is, Mr Fisher, do you really believe the pebs should pick up that tab now for the rest of their lives, their childerns lives, etc. when the money printing stops and this fucker falls off a cliff?

Thanks a bunch pal.

quintago's picture

"The Fed Says..."

How about "The Fed Does..."

tawdzilla's picture

Bernanke already promised Congress that he wouldn't monetize the debt.

However, he didn't say anything about digitizing.

unwashedmass's picture

gee, ya think they are getting a little scared?

ya think they now recognize the catastrophe looming is the ONE THEY CREATED?

ya think?

MarketTruth's picture

Too late... the inmates are running the asylum.

FreedomGuy's picture

I would submit that Congress actually is the primary instigator of the problem while the Fed is the enabler.

Based on this speech, which I actually enjoyed reading, I would say that Congress is an alcoholic while the Fed is a bartender who supplies the drinks. As the Fed pours the drinks he admonishes Congress to get on the wagon and sober up. How do you suppose that will work out?

Time to cut off the liquor of liquidity.

FunkyMonkeyBoy's picture

I'll show you politics in America. Here it is, right here. "I think the puppet on the right shares my beliefs." "I think the puppet on the left is more to my liking." "Hey, wait a minute, there's one guy holding out both puppets!" "Shut up! Go back to bed, America. Your government is in control. Here's Love Connection. Watch this and get fat and stupid. By the way, keep drinking beer, you fucking morons."

- Bill Hicks.

Boilermaker's picture

Oh, yes, politics and governments in the US are much worse than in Europe or Japan.  Those models just work wonderfully.

Can you please shove your ignorant anti-US rhetoric in your asshole?


Paul Bogdanich's picture

Actually Australia, Germany, Canada, the Baltics and even France are better off than we are.  Economically the Russian and Chinese are doing very well but the broader societies still have some issues.  That said bankers ripping off everyone else including the government is not one of them.  So while we put the anti-US rhetoric in a bag please do the same for the US exceptionalism rhetoric.  Thank you in advance.   

Boilermaker's picture

As soon as I start my American exceptionalism rhetoric, I'll promptly stop it.

SheepDog-One's picture

Blue team ready? Red team ready? Ok FIGHT! Distract the sheeple.

zaknick's picture

Not a word on this from ZH either..... hmmmm!




Bretton Woods 3 is coming for you gold and silver bugs! All crazy for PMs yet not one word on the biggest threat to them:



Two years ago, George Soros said he wanted to reorganize the entire global economic system. In two short weeks, he is going to start - and no one seems to have noticed.


On April 8, a group he's funded with $50 million is holding a major economic conference and Soros's goal for such an event is to "establish new international rules" and "reform the currency system." It's all according to a plan laid out in a Nov. 4, 2009, Soros op-ed calling for "a grand bargain that rearranges the entire financial order."


The event is bringing together "more than 200 academic, business and government policy thought leaders' to repeat the famed 1944 Bretton Woods gathering that helped create the World Bank and International Monetary Fund. Soros wants a new 'multilateral system," or an economic system where America isn't so dominant.


More than two-thirds of the slated speakers have direct ties to Soros. The billionaire who thinks "the main enemy of the open society, I believe, is no longer the communist but the capitalist threat" is taking no chances.


Thus far, this global gathering has generated less publicity than a spelling bee. And that's with at least four journalists on the speakers list, including a managing editor for the Financial Times and editors for both Reuters and The Times. Given Soros's warnings of what might happen without an agreement, this should be a big deal. But it's not.


What is a big deal is that Soros is doing exactly what he wanted to do. His 2009 commentary pushed for "a new Bretton Woods conference, like the one that established the post-WWII international financial architecture." And he had already set the wheels in motion.




This is all easy to do when you have the reach of George Soros who funds more than 1,200 organizations. Except, any one of those 1,200 would shout such an event from the highest mountain. Groups like MoveOn.org or the Center for American Progress didn't make their names being quiet. The same holds true globally, where Soros has given more than $7 billion to Open Society Foundations - including many media-savvy organizations just a phone call away. Why hasn't the Soros network spread the word?


Especially since Soros warns, all this needs to happen because "the alternative is frightening." The Bush-hating billionaire says America is scary "because a declining superpower losing both political and economic dominance but still preserving military supremacy is a dangerous mix."


The Soros empire is silent about this new Bretton Woods conference because it isn't just designed to change global economic rules. It also is designed to put America in its place - part of a multilateral world the way Soros wants it. He wrote that the U.S. "could lead a cooperative effort to involve both the developed and the developing world, thereby reestablishing American leadership in an acceptable form."




Anybody catch Glenn Beck yesterday squealing like a stuck pig about Soros? I think Beck represents the drug warrior redneck mooching off humanity, trying to dress and act like civilized folks and failing miserably due to all that inbred inferiority complex which expresses itself as racism.


ceilidh_trail's picture

zaknic- you fail to remember that  soros is a private person who has NO governmental authority to change anything. He can try to influence tptb to change, but, that's what he's always doing. The only difference is that they are gathered in one place, instead of scattered about as usual. I've been thru that part of New Hampshire every summer for the past two decades. Bretton Woods is open to anyone who can pay their rates to stay there. This meeting of like minds could have been scheduled at the Americas Best Value Inn and it would have the same effect on things. He's just trying to steal the cachet of the symbolism of Bretton Woods. And really, most of the attendees are probably not tptb but just the usual lefties, etc. The only issue that I see is the despoiling of a beautiful place by their mere presence...

LRC Fan's picture

Which is the bigger lie?

A. "There is no monetization"

B. "People don't want to buy gold"

Everyone knows this monetization is just transitory /sarc

John Law Lives's picture

Sounds like somebody wants a clean conscience before the great R-E-S-E-T button is pressed.

Clampit's picture

More like; "sure hope throwing congress in front of yonder speeding bus about to flatten me..."

John Law Lives's picture

The attached article is from a presentation by Fisher in 2008.  He realized then how bad things were, and the federal debt level has exploded since then.  The Fed is not going to be able to print $100+ Trillion and eradicate the exploding debt.  The R-E-S-E-T button will be hit long before then.


Clampit's picture

Skimmed the article, and what stands out to me is the deflection; "This situation is of your own creation." Rather like blaming the child when an emptied candy jar was left open.

It's all political posturing as to who will take the fall after pressing the button, which is patently absurd in a tango.

Life of Illusion's picture


The every 30 day talk shit Fisher. I guess its just part of his lip servicing job assigned from the top down.

DonnieD's picture

Send Fisher to Squawk Box so Joe and Becky can explain the benefits of the "wealth effect" to him. That will change his mind.

duncecap rack's picture

All the rich people got off the titanic. The poor people were locked downstairs to go down with the ship.

Sutton's picture

US deficit-about 100 billion a month.

Fed POMO schemes-about 100 billion a month.

These "Hawks" are just as bad as BernankYellenBullshittard etc...

RobotTrader's picture

Funny thing how all this liquidity sloshing about is actually piling into retail stocks.

Fisher must be worried about a blowoff top in the XRT...

Each and every day, another consumer name blasts off.

Yesterday, it was BBBY.  Today, a mattress company.

Go figure....

slaughterer's picture

Retail, historically, shows good gains in a rate hike cycle. 

scratch_and_sniff's picture

Robo, mate, old chum, dont you ever get tired of the hostility?

SheepDog-One's picture

And it will all be suddenly gone soon, leaving most all people holding a bag of smoking ashes. So sad.

DonnieD's picture

Edible mattresses going parabolic

Debtless's picture

The whole idea of a private corporate entity being able to receive interest on self-printed money for a govt to borrow is ludicrous. The rest of the conversation just becomes noise & spin.

LawsofPhysics's picture

And that, in a nutshell, is the bottom line.

slaughterer's picture

Anybody want to chime in on WHAT YEAR the dollar will reverse:

A.) 2011

B.) 2012

C.) 2013

D.) 2014

E.) Some year out in the future which we will never live to see.

overmedicatedundersexed's picture

ben asks" Are you talking to ME, are you talking to ME??' as he picks up the hand gun. Fisher you useless piece of shit..

InconvenientCounterParty's picture

OK Fischer; think you are committed? Prove it with gasoline and a match.

Everybodys All American's picture

Another comedian working at the Fed ... er Greece er Ireland ...

Hondo's picture

Well, either he doesn't really understand monetary policy or he's a complete fool or thinks you are.

Rikki-Tikki-Tavi's picture

Clearly lacking that big picture and complex thinking skillset coming from having done a PhD - he simply doesn't get it's "transitory"! Can't imagine how the other Fed Presidents most feel at the meetings with such a simpleton in the room.

Rockfish's picture


Noun: (in Christian theology) A state of eternal punishment and damnation into which a sinful and unpenitent person passes after death. 
InconvenientCounterParty's picture

LOL! That explains why no one is getting justice in this life.

Party on then.

assumptionblindness's picture

Justice is the concept of moral rightness based on ethics, rationality, law, natural law, religion, fairness, or equity, along with the punishment of the breach of said ethics.  

Is it just me or does this defitnition elicit an urge to giggle among a lot of us? 

It may take several lifetimes, my friend.

TruthInSunshine's picture

I made a prediction on the silver over 40 thread last night that it's already been decided behind the scenes that The Bernank is out.

This isn't just talk of political cover from Fischer. I don't believe so.

04-08 10:46: Fed's Fisher says QEII may need to end early, Reuters reports

The scary aspect for those not in the club is what we're about to see when the smoke clear, which is anybody's guess.

Does the Fed pull a Tunisian Fruit Peddler self-immolation, only to come back in some even more devious, scheming, stealthy and destructive form?

"We'll see," says the Zen Master.

SMG's picture

I agree with you.   But that's the problem when your government is run by a cabal, only they know, all you can do is react like a peasant.