The Washington Post Has Not Heard of the Federal Reserve Board

That is what readers of a front page article on the impact of austerity in Spain must have concluded when the Post told readers:

"The tensions between tackling runaway deficits and stimulating the economy are in many ways akin to those facing the United States, where political leaders are struggling to agree on the right balance."

Actually, the problems facing Spain and the U.S. are not comparable, most importantly because the United States issues its own currency and Spain does not. This is...