Amazing. The Dallas Fed is home to Richard Inspector Clouseau Fisher, who recently soujnroed to Japan to inform them of the evils of inflation, in florid English. Evidently, he was unaware that Japan has suffered a monetary deflation-caused perma-recession for 20 years.But the maybe Fisher knows something that Milton Friedman, Alan Meltzer, John Taylor, Frederic Mishkin and Ber Bernanke do not. They all advised Japan print a lot more money to promote growth and moderate inflation. I have been trying sometimes to promote the idea that Market Monetarism is the logical next step in the evolution of the The Taylor Rule. I do this both as I think a case can be made and it is good politics.If the Taylor Rule makes sense, then Market Monetarism makes a lot of sense.