Dallas Fedhead Fisher: China Freaking Yelled at Us for Printing Money!
I'm sorry but I found this funny. Funny because we've been warned by China before. Funny because despite that warning and our subsequent announcement that the Fed was printing money, China continues to buy our debt. Funny because, well, let's face it, it's hilarious to imagine a bunch of angry Chinese bankers interrogating Dallas Fed President Richard Fisher over the Fed's shenanigans. That's probably the most hilarious part about all of this.
Sorry, should I be completely depressed about something? We're plunging into the depths of economic doom whether I am depressed over it or not, so might as well make fun of it instead, right?
Especially after Fisher's charming story about the woman who thanked him in a Texas Starbucks for lowering Fed interest rates (bah!), this is just too awesome. Sorry, you skeezy little central banker, you, but I believe the story of the a bunch of angry Asian finance professionals over the thankful mortgage-owner at Sbux. Why? Regional Fed Presidents aren't like the Jonas Brothers, teenage girls aren't screaming their lungs out at them and no one is making fake Twitter accounts and blogging their every move... wait... uh... scratch that last part but you get the idea. Hell, I am obsessed with these central banker asshats and even I might miss Janet Yellen if she happened to be behind me while ordering my grande quadruple black eye. Or maybe that's because she's not tall enough to reach the counter? (oh snap! Shouldn't have spouted off about nonsense like F-bills, Janet, and I might have left you alone)
Anyway. China is pissed and poor Richard Fisher has to take all the shit (aww, my heart truly goes out to him. Not).
Via Telegraph UK:
Richard Fisher, president of the Dallas Federal Reserve Bank, said: "Senior officials of the Chinese government grilled me about whether or not we are going to monetise the actions of our legislature."
"I must have been asked about that a hundred times in China. I was asked at every single meeting about our purchases of Treasuries. That seemed to be the principal preoccupation of those that were invested with their surpluses mostly in the United States," he told the Wall Street Journal.
His recent trip to the Far East appears to have been a stark reminder that Asia's "Confucian" culture of right action does not look kindly on the insouciant policy of printing money by Anglo-Saxons.
Mr Fisher, the Fed's leading hawk, was a fierce opponent of the original decision to buy Treasury debt, fearing that it would lead to a blurring of the line between fiscal and monetary policy – and could all too easily degenerate into Argentine-style financing of uncontrolled spending.
However, he agreed that the Fed was forced to take emergency action after the financial system "literally fell apart".
Hahahaha, China totally busted him. I love it.
I also find it funny that the Telegraph felt compelled to point out Fisher's hawkish reputation seeing as how, well, we're pretty much going exactly where he warned we would. Whoopsie! Bonus points to Ambrose Evans-Pritchard for basically implying that the Chinese find us to be a bunch of brute, ignorant money-printing pigs.
Ouch, that's going to hurt in the morning...