Conservatives vs. the Fed

The boss joined a number of conservative economists and businessmen in signing an open letter to Ben Bernanke calling on the Fed chairman to reconsider and discontinue the Fed’s policy of so-called “quantitative easing,” or money printing. “The planned asset purchases risk currency debasement and inflation, and we do not think they will achieve the Fed’s objective of promoting employment,” they write. “We disagree with the view that inflation needs to be pushed higher, and worry that another round of asset purchases, with interest rates still near zero over a year into the recovery, will distort financial markets and greatly complicate future Fed efforts to normalize monetary policy.”