The economists were increasingly concerned that fiscal and monetary policy were too stimulative to the economy, which means they are worried that economy-boosting government spending and low-interest rates could eventually result in damaging high inflation or an asset bubble.

NPR: Economists Were Opposed To Automatic Spending Cuts

Meanwhile, BoJ officials have long expressed fears that aiming for significantly higher levels of inflation could trigger a bubble in asset prices -- or worse, a collapse in the currency.

CNN: Bank of Japan bows to inflation pressure

In Mr. Zimmerman's view, gold is an investment that likely will benefit if inflation ever picks up, or if financial markets turn unhealthy as investors chase stocks and risky bonds, something generally called "asset inflation, " as seen in the U.S. housing bubble.

WSJ: Gold's Fall Stings Texas Universities' Endowment

The recession was caused not, as before, by inflation taking off, but by the bursting of an asset-price bubble.

ECONOMIST: The world economy

For instance, although they have helped keep inflation and interest rates down, they have also encouraged asset prices to bubble up.

ECONOMIST: The balance of economic power in the world is changing. Good

Admitting that the Federal Reserve is responsible for creating financial instability, and possibly brewing the next toxic asset bubble, Minneapolis Fed President Narayana Kocherlakota said they have to do more to stimulate the economy, as inflation is too low.

FORBES: The Fed Is Inflating Asset Prices And Increasing Volatility, And It Should Do More, Kocherlakota Says