Tuesday, May 08, 2012


Krugman is on fire:
My point is that when central bankers invoke “credibility”, they’re in effect saying something like this:
Our most precious asset is our hypothetical ability — for which we have no evidence, but in which we nonetheless believe — to deal more easily with a hypothetical future problem. And rather than endanger this precious asset, we refuse to act on the intense problem we have right now.

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