Fed's Fisher warns macro-prudential ‘Maginot Line' will not keep out another crash

Time to start watering down the punch, Dallas Fed president says


Dallas Fed president Richard Fisher yesterday told an audience at the University of Southern California in Los Angeles he is sceptical that macro-prudential supervision can "safeguard us from financial stability" – comparing steps taken since the financial crisis to the Maginot Line defence built by France after the First World War, which failed to deter a German invasion two decades later.

He said "hyper-accommodative monetary policy" is the root cause of an "everything boom", endorsing the

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