Paul Krugman on Jean-Claude Trichet and The Invisible Bond Market Vigilantes

Paul Krugman:

Jean-Claude And The Invisibles: One of these days someone will write a sequel to Liaquat Ahamed’s Lords Of Finance... about the men who helped turn the financial crisis of 2008 into a lost decade of high unemployment and deflation. And Jean-Claude Trichet will clearly be among the main protagonists. His column in today’s FT is almost a caricature of the austerity genre. Trichet’s explanation of why we must fear the invisible bond vigilantes would be funny if it didn’t have...