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Texan Classics Power

Are we "tax gap" that the claims of the Dallas Fed?

Richard W. Fisher, president and CEO of the Bank Dallas Federal Reserve was once an economist expression imaginable often using words and phrases and sensational graphics to attract our attention in describing the "nightmare situation" and "monster challenge" has finally wrapped. Was made only one year during which he warned of a terrible storm "is coming" - "mother of all financial storms - And that could plunge the United States government over a "tax gap" by making the country plunging into a ditch tax "wide. Fisher has not always been so spectacular, despite recently said" I am from Texas and Texans speak clearly and directly "and not be very direct in those days either.

Fisher, once departed from the truth, but today it seems we are forced to ignore their own words of warning refers to "the disaster that has tarnished the face of our financial system, "as nothing more than" creative destruction "that will eventually lead to new levels of prosperity. Apparently, Fisher has gone from being a profound economist, speaking clearly of Texas, who claims to be politically correct (gagged) member Federal Reserve that straddles party lines, as indicated by the Obama administration. Could it be that the dissenting was drowned at the highest level? Then presents a review of its apparent transformation. You be the judge.

From 2005 until mid-2008, Fisher was totally preoccupied by the threat of rising inflation. The more descriptive you could be on what was developing the horizon was February 1, 2006 comment that the economy may fall into a deep funk "if countries with an excess savings and trade surpluses do not create the conditions for the growth of domestic demand, helping to reduce the record deficit U.S. current account of the time. His position was purely defensive blame the world for sore tax in the country rather than admit that the real problem was with the U.S. financial system choking debt unbearable hardship.

The interest rates and inflation will rise over time

That was then but with the retention time words Fisher began to change. In May 2008 finally began to realize that the tax problems of the United States in fact have been homegrown. In a speech at the Commonwealth Club of California in this month, warned that "a terrible storm is brewing in the form public debt to unimaginable untethered more devastating to the economic prosperity of the U.S. subprime debacle and credit markets in recent vicious unless Congress to take action to address fiscal imbalances. He continued, "as structural increase in interest rates deficits long period of time and if the hull out of control, create political pressure on central banks to adopt more flexible monetary policy in the future. " Unfortunately, Fisher was of the opinion that Congress did not assume its responsibilities to help cover these commitments is easier to ignore than take the necessary action and that inaction could lead to "the mother of all financial storms. "It was in May 2008 in May 2009. Has it changed to make it less true today?

Fisher suggested that if this was happen to inflation would increase dramatically and that "inflation is a sinister beast that, if released, devours savings, erodes consumer purchasing power, decimates returns on capital, undermines the reliability of financial accounting, distracts management company, the cons undercuts employment growth and real wages and deteriorating currency. "No, at least not yet, but certainly not something to hope for.

You blame

Fisher concluded his address in May 2008 said these memorable words but ignored: "Let us take the painful fiscal steps necessary to avoid the storm reduce and eventually eliminate fiscal imbalances? That depends on you. I mean "you", literally. This is your own creation. To reprimand their representatives or senators or presidents for the mess we're really scold you. Who elected them. "

This would be considered very hard words from anyone, especially an active member of the Reserve Federal - and said before the current administration and the Fed decided to compound the situation multiplying debt several times. There seems no doubt that inflation remains high because of high interest rates is definitely in our future.

The Credit markets contracted an STD ugly

Not surprisingly, Fisher vigorously opposed to the dramatic escalation of debt, launched by the outgoing Bush administration (and was by far the current government of Obama). Warned in a speech in September 2008 at New York University Money Marketeers Club that such action would "one more straw on the back the camel is extremely taxed by the federal government pound plunging the government of the United States in a more economic abyss that made us fall into the tax gap "great a.

Fisher went on to say words more colorful conceivable that "crises and upheavals that have experience in debt and equity markets were the consequences of reckless behavior and sustained orgy of excess disease sexual transmission. Our credit markets had contracted a horrible - an operation securitization transmitted disease - but I was and I remain skeptical that reducing the federal funds rate the Fed is the antidote more effective in this condition ... Indeed, it is a matter of DNA, can the financial system - no matter how bright is the bank Central or sophisticated architecture is regulated or sage who is the Congress or the executive - can prevent nature take its course. "

It appears that Fisher does not believe that the recent action by the Obama administration and his own Federal Reserve is the answer problems they face and may actually worsen the situation. It will certainly against what the Federal Reserve, Ben Bernanke, the chairman, the secretary Geithner and Treasury Obama said. Who is right? Only time will tell.

Now we have an economy Godzilla

The above comments were very grim and otherwise, and in fact, not very well received by colleagues and Fisher, as such, took a more moderate tone and upbeat in a speech at Harvard, John F. Kennedy's government at the end of February 2009, saying that "we are in these days is what is might call the economy Godzilla (1954 in the classic film, Godzilla destroying Tokyo, which in turn accounts for about one third of industrial production Japan) and represents a challenge. I rrational monstrous exuberance has been replaced by an irrational fear - when what is produced is a certainty to uncertainty.

Yokel Engineering is necessary Goldberg

"These issues are complex, sometimes difficult, "he continued, saying:" Our economy faces a difficult road. We are the central banks of countries and we are obliged to apply all the tools we can to clean up the mess that has tarnished the face of our financial system and find the path of sustainable economic growth with price stability ... even if we deploy a Rube Goldberg Engineering little to do work ... We sail unknown financially treacherous waters. Our tax authorities must chart a course between the stimulus and the immediate needs future of our children and grandchildren ... It may seem that things in the wildest dreams imagine our situation we leave our nightmare current. But I think we can and will. "

The Federal Reserve Judgement

Track your speech last month in which Fisher said that "the unsuspecting world, all was well," he finally acknowledged in testimony on March 26 to the redefinition of the annual investment strategy Education Forum that "most states financial community, including those of us the Federal Reserve was unable to detect and act on signs of financial excess story about the system. He continued by saying that rescue efforts in development or aggressive you have to slow down growth, but said that a change will not happen one day enter that "We have miles to go before I sleep.

The new levels of prosperity Vista - Over time

Over time, however, Fisher has become a cheerleader as a spokesman speech almost identical in April in Japan and China, said: "In contemplating the future of the U.S. economy and our ability to overcome our current financial comfort me to know that we have faced much more difficult task and always have. It is true that Americans often face the storms of our decisions. From time to time fail and get ripped off course, but we never gave up and always come roaring back stronger, more effective and efficient than they were before. For 233 years, the people of the United States have shown that they have mastered the process Creative destruction ... As an American, who can be humble enough, but I believe that our experience and our ability to adapt to the question of a possible recovery to make my country to new levels of prosperity. "

Back from the abyss

Just last week (May 15) in a statement before the annual convention of the Texas Bankers Association Fisher caressed him and his Federal Reserve colleagues on his shoulders and said he thought collectively as the Federal Reserve has kept the U.S. from falling into the abyss of economic depression and that its actions "carried out by pulling the financial markets and economy from the abyss ... While fiscal policy has been well designed ... should further stimulate the economy of the shore and we set out for a new round of economic growth ... I think we did well ... Both the Gospel Dallas Fed! There is nothing wrong with being optimistic "point of view and opinions, but for me, no longer the ring I'm from Texas and Texans speak clearly and directly "champion of truth. This raises the question: Is she being muzzled?

Where should we invest?

I was examining the advice given by leading economists and analysts as indicated in my 4 part series of articles entitled "Warning: the approach of Hurricane Tax! Your Portfolio safe? And act accordingly. I put a lot of my heritage in a mixture of gold bars, silver coins, gold and silver mining companies and shares some of its long-term guarantees (a subscription of twenty dollars for precious metals provide criminal specific information and may also join a free weekly e-mail, another important part in some financial security, the blue chips, battered by the actions with a steady growth of profits and dividends and above average growth. balance (6 months value expenditure) in government securities Everyone in the short term and effective has a portfolio of different sizes, different risk tolerance, knowledge different investment needs of different financial cash flows, and of different ages do not approach to asset allocation applies to all investors. Reflect on their personal financial situation, do research and act accordingly.

Lorimer Wilson is director of marketing and deputy editor of href = "http://www.preciousmetalswarrants.com/amember/go.php?r=8&i=10"> www.PreciousMetalsWarrants.com and www.InsidersInsights.com . PreciousMetalsWarrants provides an online database subscriptions for all mandates on trade and junior mining companies natural resources in the United States and Canada, and a free weekly newsletter. InsidersInsights alerts subscribers when information on a limited number of mining companies and natural resources are bought and sold. Lorimer can be contacted at lorimer.wilson @ Live.com.

About the Author

Lorimer Wilson is Director of Marketing and Contributing Editor of www.PreciousMetalsWarrants.com and www.InsidersInsights.com. PreciousMetalsWarrants provides an online subscription database for all warrants trading on junior mining and natural resource companies in the United States and Canada and a free weekly newsletter The Warrant Report. InsidersInsights alerts subscribers when corporate insiders of a limited number of junior mining and natural resource companies are buying and selling. Lorimer can be contacted at lorimer.wilson@live.com.