Invisible Bond Market Vigilantes: Duncan Black Is Not Shrill Enough Department

Duncan Black is shrill, but not shrill enough:

Monetizing Indebtedness: Frankly we should consider it, but it isn't happening, and nor is there any evidence that the big money people perceive that it's happening. Basically it's the Alan Greenspan culture. They know something should be happening (rising inflation and interest) but it isn't. But invisible beings perceive it might be happening, even though if such a perception existed it would show up in interest rates.

We need to...