A Regional Central Banker Blows the Whistle

Thomas Hoenig is the president of the Federal Reserve Bank of Kansas City. In a recent speech, he laid out a scenario for what the Federal Reserve ought to do and what the U.S. government ought to do, and what will happen if they refuse. You can read it here.

They will refuse. He did not say this, but it is clear to me that they will refuse, at least for the near term.

I hope they won’t refuse.

Hoenig surveyed what he called “challenges.” He said that we – a crucial word in the speech – must “begin now to address them genuinely and systematically or we risk repeating past mistakes and creating an environment that leads to our next set of crises.  Read more about the Federal Reserve…