David Zervos is a very respected former Fed econ type. He represents what might be called the more dovish wing of monetary policy. We have had some very serious but friendly discussions. Next Monday night should be lively. This will annoy some of you philosophically. But for that very reason you should read this small piece, as it represents what passes for policy in the inner Fed. Know that what he is suggesting is being seriously discussed in the inner circles. Which causes me to heave a big sigh. But I don't get to contribute to that discussion, only eavesdrop now and then.