November 4, 2013
A top American bank official has used a rare speech in Sydney to give a damning assessment of the US government’s massive stimulus program.
Federal Reserve of Dallas president Richard Fisher has called for an end to the program of quantitative easing, or printing money.
He warned if that does not happen, it would fuel the kind of reckless market behaviour which started the global financial crisis.
The room was packed with leading economists and market operators hoping for an answer to the key question worrying global markets: when will the Fed start trimming back its stimulus program? “At some point, and this is a collective decision made by the committee, we are going to have to slow down that process,” Mr Fisher said.