Enjoy Price Stability vs. Bubble Trouble. Dallas Fed cheif Richard Fisher warns us of the dangers of “fiscal profligacy.” A reputed inflation hawk — meaning a central banker who believes firmly in “price stability” and containing inflation — Fisher is concerned about Washington “politicizing” the economic recovery effort. Mr. Fisher admits that avoiding deflation — a sustained period of declining consumer and asset prices — should be the Fed’s foremost goal. However, having just returned from an Asian tour, Fisher says that the rest of the world is most concerned about America monetizing its debt. Monetizing debt means printing dollars to to payback liabilities, a tactic which has historically led to an expansion of the money supply and resulted in dangerous inflation.