...for the Dallas Fed. Once again, insolvency is not a concern with sovereign currency issuing countries (although inflation certainly is, which would be of concern if there was actual inflation, commodity prices notwithstanding).
I also do not discount the possibility that the Fed is pushing back against futher congressional oversight and is deflecting attention to the "Fiscal" side of things in order to distract from the "monetary policy" side of the ledger. Thus, it appears it was Mr. Fisher who gets the lucky job of Knights errant for his master.
"If we continue down on the path on which the fiscal authorities put us, we will become insolvent, the question is when," Dallas Federal Reserve Bank President Richard Fisher said in a question and answer session after delivering a speech at the University of Frankfurt. "The short-term negotiations are very important, I look at this as a tipping point."
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