Alan Greenspan: It is Very Regrettable that My Model of the World Is Wrong--and the World Needs to Shape Up...

Paul Krugman:

The Facts Have A Well-Known Keynesian Bias: There are many things to say about Alan Greenspan’s op-ed yesterday, none of them complimentary. But what struck me is the passage highlighted by Tim Fernholz:

Despite the surge in federal debt to the public during the past 18 months—to $8.6 trillion from $5.5 trillion—inflation and long-term interest rates, the typical symptoms of fiscal excess, have remained remarkably subdued. This is regrettable, because it is...