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A Voice In The Wilderness

by Gormack on November 3rd, 2010

A dissenting member of the Federal Open Market Committee on QE2 (

The one of the five who has a vote this year, Kansas City Fed President Thomas Hoenig, today cast his seventh straight dissent, the most at consecutive regular policy sessions since 1955. “The risks of additional securities purchases outweighed the benefits,” and the “continued high level of monetary accommodation” may eventually “destabilize the economy,” the statement said of Hoenig’s opposition.

He’s talking about catastrophic, unforeseen outcomes: “Black Swan Events”  as Nicholas Taleb calls them.

From → History Speaks

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