…I have to say that this post from Paul Krugman absolutely nails the asininity of the US Treasury (combined with Fed). Krugman shoots down the latest plan in flames with the help of mega-respected econoblog Calculated Risk. Quite right, too. The Krugman post is the one mentioned here because it is short, accessible and right on the button. Go read, and while you’re at it read this Krugman pearl from the weekend.
I’m not saying that Krugman has all the answers. I am saying that he knows economic bullshit when he sees it.