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By Mangosuthu Buthelezi
Memories of a long brotherhood tempered in common struggle
Independent voices from the The Washington Times Communities
Topic - Richard W. Fisher
A top Federal Reserve official on Monday said the central bank should react if oil prices soar as high as $150 a barrel because prices that high could throw the economy back into recession.
The dramatic economic slowdown this summer has provoked an increasingly contentious debate among analysts, including an unusually public split among members of the Federal Reserve Board, over the U.S. economy's long-term outlook and the possibility of a Japan-like "lost decade."
Richard W. Fisher, president of the Federal Reserve Bank of Dallas, on Monday said he worries that the Fed's loose money policies will set inflation loose and prove counterproductive.
The problem is not deflation, he said, but the changing rules of the game have created what Fed Chairman Ben S. Bernanke described as "unusual uncertainty," which is thwarting the usual business and consumer enthusiasm for the future that propels growth.