"David, re Kasovitz, why oh why do a certain level of analysts keep churning out irrelevant statistics e.g. nominal GDP- AND DEFLATION which is by no means always a disaster. What counts is REAL GDP PER HEAD, where I believe the last 10 years show Japan as superior to US - certainly last five till Tsunami. And it is genuine growth not a borrowed orgy of unearned consumption."

David Fuller's view You make a good point regarding "real GDP per head, which unfortunately is not data one often sees. Ditto regarding your last sentence, which is why my first observation on this subject yesterday was qualified:

1) Unlike the BoJ, the US has a central bank that is determined to err on the side of future inflation, for better or worse.

Nevertheless, I think most equity investors prefer the Fed's approach.