Over the weekend some of the biggest economic and market prognosticators met to discuss the US and global economies according to the Wall Street Journal.

Amongst those who met on Lake Winnipesaukee in New Hampshire were

David Blanchflower, formerly of the Monetary Policy Committee of the Bank of England; Marc Faber, Swiss born, Mr. Doom and Gloom; Fred Hickey, Editor of the High-Tech strategist newsletter; Stephen Roach, Morgan Stanley Exec; and economic forecasters David Rosenberg, Nouriel Roubini, and Gary Shilling.

Their conclusion was QE3 is going to happen.

They forecast that QE3 will lift stocks and commodities prices but in a lesser magnitude compared to QE2.

Ed Yardeni, who was there, had this to say:

The conversations were spirited with lots of debates. The consensus was quite pessimistic about the outlook for the US and global economies.  Everyone seemed to agree that the FED would most likely leave the federal funds rate at zero for a long time and that a third round of quantitative easing is likely later this year.  David Blanchflower, who is a former member of the MPC of the BOE, is in favor of QE-3.0. The rest of us were against it. Most agreed that it would probably boost stock and commodity prices again, though not as much as QE-2.0.

Dallas Federal Reserve President Richard Fisher said today that there is no need for QE3, Fed's Fisher: No need for QE3, US Dollar Implications.