The Federal Reserve is pursuing a policy of inflation out of an erroneous fear of deflation.

出于对通货紧缩的过度担忧，美联储正在执行会导致通胀的政策。

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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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