Krugman on European Financial Suicide

[alice wellintown]

Krug favors inflation because he thinks that it will lower
unemploymnet and take some of the debt off the backs of the indebted
masses. But I think he's wrong. Ben has it right. And, although Ben
insists that he is not being bullied by right wing politicians to
favor half his mandate or price stability over the other half of his
mandate or full emplyment, Krug keeps insisting that this is why Ben
is doing what he is doing. Krug should sit in on some of Ben's
classes. Ben cares as much for the masses as Krug, but he doesn't buy
Krug's inlflation solution. I don't either. Does Krug believe it
anymore? It seems he does. Or, it gives him something to say. Anyway,
he's wrong. And, while I hate to agree with the right on anything, on
this they are, dare I say, morally correct. Why should the Fed improve
the lives of those who did not live within their means during the
longest period of economic expansion of the 20th century if in doing
so those who saved and invested will suffer? Those in debt must now
get their house in order. The Fed can stand on this high moral ground.
Or, we can hand it over to the political idiots in Washngton who can
stand only on the mud they sling in our faces as they try to convince
us they they are responsible and can manage money. Krug is too
political to think this through. I like Ben.