How About A BailOut For The 'True' American Citizen, One's With A Birth Certificate,
“Without pre-emptive action, the US risks its next crisis,” Mr Hoenig
said in a speech at the Pew-Peterson Commission on Budget Reform.
He
was the only Fed member who dissented at last month’s meeting
against language indicating that interest rates should remain near zero
for an “extended period”.
On Tuesday he said that the worst option
for the US was a scenario where the government “knocks on the central
bank’s door” and asks it to print more money. Instead, the
administration must find ways to cut spending and generate revenue. He
called for a “reallocation of resources” and noted that the process
would be painful and politically inconvenient."
The US must fix its growing
debt problems or risk a new financial
crisis, Thomas Hoenig, president of the Federal Reserve Bank of
Kansas City, warned on Tuesday, adding a mounting deficit could spur
inflation.
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