The attached document is the text from a speech delivered by Thomas Hoenig today. Due to the brevity of the speech, it is somewhat light on data and graphs, so it doesn’t really read like a “white paper.” It does, however, lay out a cogent argument against continued quantitative easing in the midst of an economic recovery, adds an historical perspective, and articulates his fear that lower- and middle-class citizens will ultimately be the ones who bear the brunt of over-applied zero interest rate policies. He also spent a few minutes to remind us all that the Fed’s mandate is to focus on long-term outcomes — not next week’s employment report. It’s too bad Mr. Hoenig is retiring shortly from the Kansas City Fed. It’s also too bad that his opinion has become akin to a tree falling in the forest when no-one is there to hear it.