Paul Krugman offers further proof that winning a Nobel Prize damages your brain:
What would a real response to our [economic] problems involve?… it would involve an all-out effort by the Federal Reserve to get the economy moving, with the deliberate goal of generating higher inflation to help alleviate debt problems.
It seems to me that the Fed is already doing what Krugman asks inflation-wise, but, like Stimulus One, it’s just not big enough.
One wonders what an all-out effort would look like? Weimar? Zimbabwe? THOSE were all out efforts to inflate debt away.