A Week in Which the Ten Year Bond Rate Drops Below 3% Is Not a Week to Call for Austerity...

Kevin Warsh demonstrates why he was a very bad choice for the Federal Reserve Board:

Paul Krugman comments:

The Conventional Superstition: The Conventional Superstition Calculated Risk points us to a speech by Kevin Warsh that strikes me as almost the perfect illustration of the predicament we’re in, in which policy is paralyzed by fear of invisible bond vigilantes. Warsh isn’t an especially bad example — but that’s the point: this is what Serious People sound like these days. The...