Sam Brittan on the 45 Degree Turn of the Cameron-Osborne-Clegg British Government
Department of "Huh?!": Who Was Noam Scheiber Talking to Department

Let Me Offend James Fallows by Saying That for 36 Months Bernanke and Geithner Have Been Acting Like Boiling Frogs

Jared Bernstein has a graph:

Microsoft Excel 7

You would think that that degree of deterioration in the growth forecast would cause somebody to press the big red button, no?

The problem is that when short-term safe nominal interest rates are zero, boosting the monetary base by buying assets that have become very close substitutes for cash does next to nothing, and you have to resort to other tools….

Microsoft Excel 8

Microsoft Excel 9