When the president of any regional Federal Reserve Bank stands in front of a bunch of Harvard University graduates to tell them about how the economic mess is not really the FED's fault, you know what's coming. It came.
It is clear who his target was: Ron Paul. I am not the only person to see this. An article on the Fortune site spotted it. It was written by a standard, gold-hating, unknown journalist employed by Fortune.
His only quibble with Texas, it seems, is with the Fed-bashing focus of one of the Lone Star state's representatives in Congress, who in Fisher's view might do well to turn his energies to actually doing something rather than grandstanding about the hugeness of the gold standard.
It ended: "In short, audit this, Ron."
This journalist is clearly a sniveler. Nevertheless, I will "audit this" on Dr. Paul's behalf. He does not need me to do this, but I enjoy having a little fun at the expense of a Federal Reserve president. As for the sniveler, who cares?
What galls me about Fisher's speech is his attempt to cover up his obviously personal attack by the use of misleading rhetoric. There are no "lawmakers" who advocate ending the FED. There is only one, and there has been only one in Congress over the last 35 years. When Fisher refers to "their considerable talents," he is using the rhetoric of contempt.
Well, two can play that game, and I am better at it that Fisher is.
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