Vote Now | Inflation fight: Cathie Wood & Elon Musk vs. Larry Summers

Last week, Harvard University economist Larry Summers says the Fed is acting too slowly on inflation, like every other time when 'a large cost was paid.' Acting aggressively on inflation is the best way to prevent economic pain from spreading broadly through society.

"I am aware of no major example in which the central bank reacted with excessive speed to inflation and a large cost was paid," he said.

However, Ark Invest CEO and CIO Cathie Wood is holding fast to her view that people are suffering deflation. And when the Fed comes to realize this, she says, it will have to ease policy. Also, Larry Summers is overly fixated with inflation.

"Larry Summers seems to be leading the Biden administration astray with his conviction that inflation is intractable, with the '70s as his guide," Wood tweeted Saturday. "The '70s inflation started in 1964 with the Vietnam War and the Great Society and burgeoned for 15 years."

Tesla CEO Elon Musk then replied to Wood's tweet, saying "the fundamental error is reasoning by analogy, rather than first principles."

The comments come as the central bank kicks off a two-day, policy-setting meeting on interest rates on Tuesday.

So Mooers, whose views on inflation would you trust more, Wood's or Summers'?