The Fed’s doomsday prophet has a dire warning about where we are headed
Politico/Christopher Leonard/12-29-2021
“The historical record shows that Hoenig was worried primarily that the Fed was taking a risky path that would deepen income inequality, stoke dangerous asset bubbles and enrich the biggest banks over everyone else. He also warned that it would suck the Fed into a money-printing quagmire that the central bank would not be able to escape without destabilizing the entire financial system.”
USAGOLD note: Is this not where we are as 2022 dawns? Former president of the Kansas City Fed Thomas Hoenig says, “There is no painless solution. It’s going to be difficult. And the longer you wait the more painful it will end up being.” Under the circumstances Hoenig envisions, there will only be two kinds of investors – those who prepared and those who did not. The full article is worth the time spent at the link above.