In which the pot offers fashion advice to the kettle...

The Washington Post reports on Fed Chair Ben Bernacke's testimony to Congress calling for fiscal restraint:

The nation needs to begin planning now to eventually bring taxes and spending in line, Federal Reserve Chairman Ben S. Bernanke said yesterday, arguing that large budget deficits, if sustained, could deepen the financial crisis and choke off the economy.

Bernanke's testimony to Congress reflected growing concern among economists and investors that the nation's long-term fiscal imbalances could stand in the way of economic recovery by driving up the interest rates that the government, businesses and consumers pay to borrow money. The rate the government pays has already risen in recent weeks.

Hey, here's an idea for fiscal discipline. Stop spending so much.


The so-called stimulus, both in terms of the Congressional park package and the massive corporate welfare bailouts have caused more harm by undermining the nation's fiscal health than any Keynsian boost they could have delivered. If you're worried about deficits, stop spending so much:

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.

Amendment X: Government Comic Books in Tennessee

Taxing Tenneessee points out another great use of tax dollars, a comic book in which the floating head of Mike Ditka explains the Federal Reserve System:

I hear Universal has Kevin Smith attached to direct the movie.