All the hot bloggers and think tanks are working on their long-term deficit reduction plans, but I have to say I’m a bit confused as to why. It’s definitely true that in principle a country should always have a specific plan for returning to long-term balance. But does that ever actually happen?
...Today we have serious economic problems, but none of them are caused by the deficit. Inflation is below the Fed’s target....
Oh, geez. Flatline isn't just a character from The Transformers, it also describes Yglesias' neural activity.
Here's a news flash for the world's dumbest blogger: inflation is a problem and it is being exacerbated by the out-of-control fiscal policy of the Federal Reserve. You've heard the term "monetizing the debt", genius? Do you know what that means?
It means we're intentionally devaluing the dollar in an ill-fated attempt to kick-start the economy because the government is flat broke.
So inflation isn't a problem?
This is what passes for informed commentary on the left. Inflation isn't a problem, yet the price of oil, gas, food, commodities and every other tangible necessity is skyrocketing.
Gold is quickly becoming the world's reserve currency as the dollar's value becomes closer and closer to that of the Zimbabwean dollar.
We're about to open the door on the Weimar Republic and the leftists don't have a freaking clue. But that really shouldn't surprise me, given their exceptional track record of fiscal destruction.
Hat tips: Memeorandum and GoldPrice.org.