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Wednesday, May 27, 2009

China warns Federal Reserve over 'printing money'

This doesn't seem like good news. The Telegraph reports that we're being lectured by China on fiscal discipline:
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.

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