I think Steve Keen is one of the smartest economists around. I know he has helped Mike "Mish" Shedlock a lot in formulating his deflation thesis, and he seems to make many insightful and logical arguments on why the Fed cannot prevent deflation from occurring. Nonetheless, the Fed's appear hell bent on trying to avoid deflation at all costs. It has engaged in many reckless easy monetary policies that it supposedly feels will halt the decline in asset markets. I recently read several good articles on these topics at http://www.goldalert.com which further discuss the Fed and how its actions may affect the gold price and the dollar. I think they are very helpful for investors to check out to get a better understanding of the fragile economic situation we are in. There are many serious long term consequences of all the money printing that have yet to be felt but will most likely appear in due time.
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