On Nov 25, 2012, at 10:15 AM, Jordan Hayes <jmhayes at j-o-r-d-a-n.com> wrote:
> In the mean time, all the dire predictions about higher interest rates (which have instead plummeted!) and hyper-inflation (as opposed to hitting historic lows!) is ahistoric and anti-intellectual. I'm surprised to see you take that view; are you also buying rations and ammo? It's too late to buy gold.
I do not take this view. I think the Fed has been doing pretty much the right thing since the crisis broke, and Bernanke is about the only sensible policymaker in the world. I'm talking about long-term structural deficits of 5% of GDP, which are just not infinitely sustainable. Galbraith was too sanguine about those for my taste.
Doug