Told the Fed: "We would rather you not
Take this easing approach,
As inflation is gauche,
While deflation is much more de droite."
A group of prominent economists, pundits and investment managers, most of them - like Jim Grant, William Kristol and James Chanos - allied with the Republican Party, penned an open letter to Fed Chairman Ben Bernanke, urging him to put aside "QE2," the second round of quantitative easing. This group feels that the Fed cannot solve all of the economy's problems and risks a new round of inflation by trying to stimulate more credit. The group made no comment on the risk of deflation, about which they are evidently less concerned.