from David Stockman’s Contra Corner
The end game of central bank lunacy is surely near. Even the Fed heads appear to be mumbling bits and pieces of truth in public.
Former Philly Fed President Charles Plosser, for example, told Bloomberg TV this morning that central bankers “wring their hands all the time,” are very “concerned about credibility,” and are “pretty good at conjuring up reasons not to act.”
Having screwed up his mutinous courage, he then let loose with words that haven’t been heard from a central banker in decades, if ever:
The Fed “shouldn’t be afraid a recession might come,” he exclaimed, “there’s a real problem here”.
Then again, Plosser recently retired and perhaps it wasn’t all that voluntary. By contrast, Stanley Fischer is in line to takeover the joint, and perhaps soon.