And Once Again, Paul Krugman Was Right. Sigh...

Krugman:

Inflationistas And Deflationistas: [I:]t’s worth bearing in mind that the last year and a half has been a fairly clean test of alternative views about how the economy works. When the economy slumped, budget deficits skyrocketed, and the Fed began large-scale asset purchases, there were two kinds of people.... On one side were people who said that deficits would drive interest rates way up, crowding out private investment, and that all that money printing would lead to high...