Ignore the circling inflation hawks

Once again, the inflation "hawks" are circling. Try to ignore them. All that screeching and flapping of wings on Capitol Hill and "Squawk Box" by those who claim that price stability is the major worry for the U.S. economy in the quarters head is more than just irritating. It's plain wrong.

That's not to say the inflation hawks don't serve a useful purpose; they help keep the Fed alert as a field mouse and pick off the waste and overripe assumptions in the administration's stimulus and budget policies. However, it's important to remember that the inflation hawk is, by nature, an irrational, hysterical creature that left to its own devices will run the U.S. economy straight off a cliff.

The following are some of the main arguments put forth by inflation hawks and how you should respond to them: