The United States is on a fiscal path towards insolvency and policymakers are at a "tipping point," a Federal Reserve official said on Tuesday.
"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.
Read it all at cnbc.com
At least he admits it, on the other hand, all economic indicators point to the fact that the US is already quite insolvent, and very much in denial.
Lawmakers say insolvent? How dare you? We can't be broke, the Fed is still printing money.
Until we begin to hold our lawmakers and bankers accountable there will be no recovery period. Ever. That may be the one last thing you can take to the proverbial bank.