It's well known that Kansas City Fed Chief Thomas Hoenig is the one major voice of dissent on the Federal Reserve.

He's called for a change to the dovish language, a rate hike in short order, while warning that cheap money would inevitably create another bubble.

But he doesn't want to just stop at a 1% hike he said at a business lunch in Bartlesville Oklahoma today.

Reuters:

Thomas Hoenig, president of the Kansas City Federal Reserve Bank, has called for a modest increase in borrowing costs before, but he went further on Thursday by before, but he went further on Thursday by suggesting it should happen over the next several months and by calling for an increase in borrowing costs to 3 percent in rapid order.

Is that going to happen? Heck no.

BUT it does show just how far he is out of the mainstream. And if this is what it's going to take to kill the next bubble, the help us all.