NP. Back to the Bernanke-Krugman debate, sorta

[David Morris]

http://www.slate.com/blogs/moneybox/2012/07/11/the_most_important_line_from_the_just_released_federal_reserve_meetings.html

This is really the only thing you need to know about the just-released
minutes of the last Federal Reserve Open Market Committee meeting
(PDF):

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"Looking beyond the temporary effects on inflation of this year’s
fluctuations in oil and other commodity prices, almost all
participants continued to anticipate that inflation over the
medium-term would run at or below the 2 percent rate that the
Committee judges to be most consistent with its statutory mandate."
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As I said earlier this week, just forget about jobs and growth. What
you have here is the monetary policymakers deliberately adopting
policies that they themselves believe would push the inflation rate
below the 2 percent target. That's not a policy that's consistent with
rapid growth in employment, and it's why we won't see rapid growth in
employment. An elevated span of high joblessness keeps wages and
commodity prices nice and low.