Inflation can only decline so far before the fear of deflation takes over.

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The fear of deflation, coupled with gold being up eleven years in a row, has some investors believing that gold is in a bubble.

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Another gold member, James Dines, editor of the Dines Letter, says that the Fed's fear of deflation has prompted a highly stimulative monetary policy.

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But as deflation tightens its grip and the fear of unemployment in the state sector mounts, it may be hard to turn that understanding into policy.

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The Federal Reserve Board's cut in the target federal funds rate to 1% suggests they fear deflation, not stagflation, the worst scenario of all--what we had during 1982.

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With rates being near zero and the Fed s balance sheet already at an intractable level, the only viable solution to fight Ben s phantom deflation fear is for him to remove the impetus on the part of banks to keep their excess reserves laying fallow at the Fed.

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