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Britain Shows Signs That It May Stop Hitting Itself on Its Head with a Hammer Quite so Hard

And it is all due to Adam Posen. Good work, Adam.

Paul Krugman assesses the situation:

Bearded American Economists to the Rescue: Bloomberg:

Bank of England policy maker Adam Posen’s 11-month push for more stimulus is now shaping the debate among officials as they consider whether the U.K. needs more quantitative easing to fight the danger of Europe’s crisis. With no policy maker seeking an interest-rate increase after Spencer Dale and Martin Weale switched votes, the discussion on the Monetary Policy Committee has shifted toward Posen’s agenda

Go Adam! Adam Posen studied Japan during the 1990s, and was a member of the club (also including yours truly) that worried that Japan was an omen for other advanced countries. And I have to say that the Bank of England is showing a lot of intestinal fortitude right now, holding to expansionary policies despite an inflation bulge it knows is temporary, but which nonetheless puts it under pressure. Then again, BoE monetary policy committee members don’t fear being charged with treason, or lynched in Texas.