Krugman – Ferguson Slugfe(a)st – Final Part
The dessert – the Fed chairman
The Gold Standard (TGS) does not believe that history repeats itself exactly, much less, economic history. So, TGS won’t bet on Japan’s deflationary outcome being repeated in the U.S. even though in many other respects, the US has taken many leaves out of Japan’s book.
That said, premature paeans are being composed in honour of the current Federal Reserve Chairman. In his article in the FT, NF says,
Credit for averting a second Great Depression should principally go to Fed chairman Ben Bernanke
He comes close on the heels of David Ignatius at Washington Post who calls the Fed chairman a quiet tiger and seeks his reappointment for another term, already.
H…mmm, TGS feels that the crisis remains a work-in-progress or process and that judgements are premature.
Yes, this is but the first inning of the ball game, WAY to early to call.
Mark