"Throughout history, what the political class has done is they have turned to the central bank to print their way out of an unfunded liability. We can't let that happen. That's when you open the floodgates.... You can't run away from it.... I am a big believer in [Schumpeter's] 'creative destruction.' The 'destructive' part is always painful, politically messy, it hurts like hell but you hopefully will allow the adjustments to be made so that the 'creative' part can take place."
-- Dallas Fed President Richard Fisher, in last week's Wall Street Journal