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Tuesday, 01 June 2010 00:00

International response to European debt problems” (5/20/2010)

FRB testimony by Daniel K. Tarullo (CFR) before the Subcommittee on International Monetary Policy and Technology, U.S. House of Representatives, Washington, D.C.

Member of the Federal Reserve Board of Governors Daniel K. Tarullo insists “that every country with sustained budget deficits and rising debt —  including the United States — needs to act in a timely manner to put in place a credible program for sustainable fiscal policies.” How about merely adhering to the U.S. Constitution?  “Fiscal conservative” Tarullo formerly served on the staff of the late Senator Ted Kennedy.  Central banks regularly extend easy credit to governments, by inflating a nation’s currency, and then demand restraint after the countries get in trouble.

 
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