An Open Letter to Ben Bernanke

This is Open Letter to Chairman Ben Bernanke

Dear Mr. Chairman:

We believe the Federal Reserve's large-scale asset purchase plan (so-called "quantitative easing") should be reconsidered and discontinued. We do not believe such a plan is necessary or advisable under current circumstances. The planned asset purchases risk currency debasement and inflation, and we do not think they will achieve the Fed's objective of promoting employment.

We subscribe to your statement in The Washington Post on November 4 that "the Federal Reserve cannot solve all the economy's problems on its own." In this case, we think improvements in tax, spending and regulatory policies must take precedence in a national growth program, not further monetary stimulus.

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.

The Fed's purchase program has also met broad opposition from other central banks and we share their concerns that quantitative easing by the Fed is neither warranted nor helpful in addressing either U.S. or global economic problems.

Respectfully,
Cliff Asness

Michael J. Boskin

Richard X. Bove

Charles W. Calomiris

Jim Chanos

John F. Cogan

Niall Ferguson

Nicole Gelinas

James Grant(yes u saw it right he is from Grants interest rate observer)
Kevin A. Hassett

Roger Hertog

Gregory Hess

Douglas Holtz-Eakin
Former Director, Congressional Budget Office
Seth Klarman

William Kristol

David Malpass

Ronald I. McKinnon

Joshua Rosner
Dan Senor

Amity Shlaes

Paul E. Singer

John B. Taylor yes you saw it right he is the one who  proposed the Taylor rule, which provides a guide to central banks on how to determine interest rates.

Peter J. Wallison

Geoffrey Wood