May 08, 2003

The data make a compelling case that we are on the verge of deflation. While we cannot hold the Fed solely responsible for the economic slowdown, we feel they deserve some of the blame. However, we do hold the Fed solely responsible for the threat of deflation. If inflation/deflation is a monetary phenomenon, there is a simple solution to the deflation threat: PRINT MORE MONEY. Alan Greenspan is not doing as good of a job as he did during the 1990's.

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