Paul Krugman argues that the U.S. government should again postpone its fiscal day of reckoning a bit further into the future to keep this confidence game going bit longer. Always better to avoid pain today by trading it for even greater pain in the future, I guess he reckons. Actually, that’s unfair.
I know he doesn’t reckon that; he reckons the U.S. can just print its way out of its economic troubles. Of course, that’s no less insane thinking.