Saturday, December 10, 2011
Niall Ferguson sounds a lot like Paul Krugman in this piece: we need to expand the monetary supply and spur demand. Ferguson, of course, cites a couple of important works of history, but otherwise, I think that he's saying here what Krugman has been saying for some time. Yes, we do need to tame budget deficits, but in the immediate future, we need to take steps to get out from under this severe economic contraction. Interesting.