Paul Krugman: Madmen In Authority

Madmen In Authority, by Paul Krugman, in NY Times: Just a reminder: back in the spring of last year conventional wisdom in Europe, although fortunately not at the Fed, was that it was time to start raising interest rates, with the OECD calling, I think, for 350 basis points by the end of 2010.

And these same people will continue to pronounce solemnly, with an air of great wisdom, on future policy.

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