In an interview to appear tonight on FBN’s America’s Nightly Scoreboard (9 PM/ET) Federal Reserve Bank of Dallas President Richard Fisher speaks with host David Asman about the United States economy and Federal Reserve Chair Ben Bernanke’s speech on Friday. Fisher said that “Bernanke’s not the toothfairy” and “his job is to put things right in the long term.” He went on to address Governor Rick Perry’s comments that if Bernanke were to print more money it would be “treasonous” saying “Treason is the only crime punishable by death; I find it hard to believe that Governor Perry in his most hyperbolic moment meant that literally. Ben Bernanke is a patriot.” Excerpts from the interview can be found below, courtesy of Fox Business Network.
On Texas Governor Rick Perry’s comments on Federal Reserve Chairman Ben Bernanke:
“I don’t think I would take it too seriously. Treason is the only crime punishable by death; I find it hard to believe that Governor Perry in his most hyperbolic moment meant that literally. Ben Bernanke is a patriot. He is doing the best he can to guide the Federal Reserve. I don’t spend a lot of time worrying about what any one candidate says about us; the issue is to get it right. The object is to think about the long term and set aside the short term.”
On what Federal Reserve Chair Ben Bernanke is going to say in his remarks on Friday:
“You’ll learn when you hear him speak. Ben Bernanke’s not the tooth fairy. His job is not to leave presents under the pillow of people who have desires that may not be easily fulfilled. Our job is to put things right in the long term.”
On whether there is enough liquidity in the United States right now:
“My personal view is we do. The gas tank is full but the business community, private sector, needs to be incentivized to step on the accelerator and engage the transmission. I am afraid a dysfunctional government is discouraging rather than encouraging businesses from doing that. We have positive growth but it’s very minimal and very anemic. I sure hope those reserves get drawn down and corporations put their working capital to work. There is a lot of money lying fallow.”
On why he voted against a two year freeze a zero interest rate:
“It may be a distraction in that businesses are already disincentivized by the uncertainty on the fiscal side; they don’t know what their taxes are or what their subsidies they have. Now they know they can put off an expense because the cost of borrowing will be held at a very low rate for two years. I just think it’s not an incentive it’s a disincentive but time will tell this is my personal opinion and I am just one of 17 people.”
On whether we need a central bank at all:
“I can’t think of a country that has been successful without one.”
On whether gold should be a currency:
“It’s pretty hard to stuff that genie back in the bottle. No one has a commodity-based currency any longer. Gold is priced in dollars, or in euros. You go to sell it or buy it, you pay in dollars or in euros or another paper currency. So I think this wonderful utopian dream, I don’t think it’s going to happen.”
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